Crude Oil Storage Report - Nov 30

dan_s · Post by **dan_s** » Wed Nov 30, 2016 1:49 pm

November 30, 2016
CRUDE OIL INVENTORY'000 bbls (Week Ended 11/25/16)

Current: 488,145
Actual Build/(Withdrawal): (884)
Economist Average Estimate: 678
Previous: 489,029

This is the 2nd week in a row that the "experts" have been wrong.

In case you're wondering, the "experts" say "normal" crude oil storage level for the U.S. is around 420 million barrels. I argue that with all of the unrest in OPEC countries and demand for refined products growing year-after-year, refiners should keep more crude in storage. The U.S. consumes 16.5 to 17.0 million barrels per day of crude oil. Our current production is 8.7 million barrels per day.