Crude Oil Storage Report - Dec 30

dan_s · Post by **dan_s** » Wed Dec 30, 2015 12:18 pm

CRUDE OIL INVENTORY/’000 bbls (Week Ended 12/25/15)

Current: 487,409
Actual Build/(Withdrawal): 2,629
Economist Average Estimate: (1,766)
Previous: 484,780

This is why oil prices are down today.

U.S. storage capacity is approximately 640 million barrels.

Keep in mind that EIA weekly reports are nothing but SWAGs. They have no way of knowing field level storage or pipeline fill, which is a big "plug number" in their weekly report. At the end of each month many operators drain the field level tanks so they get paid, so my guess is that this build may be overstated. The holidays also tend to mess up the accuracy.