Crude Oil Drawdown: 2.5 Milion Bbls -- At This Rate -- 62 Weeks To Re-Balance -- June 21, 2017 - Hallo friendsMY LIVE MY WAY, In the article you read this time with the title Crude Oil Drawdown: 2.5 Milion Bbls -- At This Rate -- 62 Weeks To Re-Balance -- June 21, 2017, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article my style, Article my way, Article New ways, Article their way, We write this you can understand. Alright, good read.

Title : Crude Oil Drawdown: 2.5 Milion Bbls -- At This Rate -- 62 Weeks To Re-Balance -- June 21, 2017
link : Crude Oil Drawdown: 2.5 Milion Bbls -- At This Rate -- 62 Weeks To Re-Balance -- June 21, 2017

Crude Oil Drawdown: 2.5 Milion Bbls -- At This Rate -- 62 Weeks To Re-Balance -- June 21, 2017

Week	Date	Drawdown	Storage	Weeks to RB
Week 0	Apr 26, 2017		529	180
Week 1	May 3, 2017	0.9	528	178
Week 2	May 10, 2017	6	522	29
Week 3	May 17, 2017	1.8	520.2	95
Week 4	May 24, 2017	4.4	515.8	38
Week 5	May 31, 2017	6.4	509.9	41
Week 6	June 7, 2017	-3.3	513.2	60
Week 7	June 14, 2017	1.7	511.5	63
Week 8	June 21, 2017	2.5	509	62

When the mainstream business media talks about "re-balancing," they are talking about getting back to the "5-year-average," whatever that is. I don't know if I've ever seen the "5-year-average" noted by a mainstream journalist.

Whatever it is, it's skewed by the Saudi surge from 2014 to 2016, the first of two trillion-dollar mistakes by the Saudis. In fact, for meaningful "re-balancing" to occur and a return to more bullish crude oil prices we need to see US crude oil supplies fall back to the "historical average" -- a 21-day supply or about 350 million bbls.

Right now, the rate of drawdown, averaging 2.55 million bbls/week since April 26, 2017, means that it will take 62 weeks to "re-balance." That would be late 2018. 

Note: in the table above, a "negative" number in the "drawdown column" (the third column) means that there was a build in the crude oil inventories.

Disclaimer: my own data may very slightly from official sources for various reasons. I often make simple arithmetic errors.

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