Crude oil in storage continues to fall per API
Posted: Tue Aug 29, 2017 5:13 pm
The API reported a draw of 5.78M barrels of crude oil for the week ending Aug. 25 vs. last week's draw of 3.6M barrels.
Gasoline showed an unexpected build of 476K barrels and distillates showed a draw of 486K barrels.
The results do not show the impact of Harvey, which will be reflected next week.
My forecast is that we see a BIG decline in crude oil storage next week. Production down and imports way down. Refinery inputs will also be down, but not as much.
Gasoline showed an unexpected build of 476K barrels and distillates showed a draw of 486K barrels.
The results do not show the impact of Harvey, which will be reflected next week.
My forecast is that we see a BIG decline in crude oil storage next week. Production down and imports way down. Refinery inputs will also be down, but not as much.