Crude Oil Storage Report - Nov 30
Posted: 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.
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.