Wednesday, January 17, 2018

API Weekly US Crude Oil Inventory Drawdown -- January 17, 2018

API weekly US crude oil inventories:
  • forecast: a drawdown of 3.600 million bbls
  • actual: a drawdown of 5.121 million bbls
My weekly re-balancing forecast is based on EIA data. EIA data will be released Thursday morning, 10:30 ET.

Analysts (Platts) expect the drawdown reported by the EIA to be ... drumroll ... 425,000 bbls. Wow, if that's accurate, that's practically "flat" -- no drawdown at all. 
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