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- 2018 Crude Storage Estimate Is Unbelievably Bullish
- The EIA oil storage report shows crude storage decline of 7.419 million bbls vs. our forecast of 7.84 million bbls.
- We explain why we are seeing very bullish crude storage balances for Q1 2018.
- In our base case, we have Q1 2018 crude storage building 35.68 million bbls less than the five-year average. And in our bull case, we have a draw for Q1.
- After last week’s EIA 914 report, we have U.S. oil production currently averaging above 10 million b/d.
- Overall, we see no signs of fundamental changes to our bullish oil thesis for 2018.