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.