API Reports A Very Modest Drawdown In Weekly Crude Oil Inventories; Awaiting EIA Data That Will Be Released Tomorrow -- November 7, 2017

We'll see the EIA data tomorrow but API is reporting the following regarding weekly crude oil inventories:

• forecast: a drawdown of 2.7 million bbls
• actual (API data): a drawdown of 1.562 million bbls

I really can't say much because API and EIA data is often quite different, but if the drawdown is in the 1.5 to 2.5 million bbl range, all one can is that it is in the right direction but won't make much change in the number of weeks it takes to get us back to "balanced."

If the drawdown is less than forecast, that will be the bigger story regardless of the actual amount if the drawdown is less than 3 million bbls when the EIA reports tomorrow.

Update: EIA data has been released and is posted here.