• 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.

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