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Title : US Crude Oil Inventories Fall Slightly But Not Enough To Affect Number Of Weeks To Re-Balance -- October 3, 2017
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US Crude Oil Inventories Fall Slightly But Not Enough To Affect Number Of Weeks To Re-Balance -- October 3, 2017

We'll see the EIA data tomorrow when the weekly petroleum report is released at 10:30 a.m. eastern time but right now it appears the EIA will report:

• a fall of 1.5 million bbls in crude oil inventories;
• an increase of 1.5 million bbls of gasoline; and,
• a decline of 2.4 million bbls for distillates.

I'll update this table tomorrow if the EIA data is different, but the number of weeks to re-balance remains at 46 weeks.

Week	Date	Drawdown	Storage	Weeks to RB
Week 0	Apr 26, 2017		529.0	180
Week 1	May 3, 2017	0.9	528.0	198
Week 2	May 10, 2017	6	522.0	50
Week 3	May 17, 2017	1.8	520.2	59
Week 4	May 24, 2017	4.4	515.8	51
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	57
Week 8	June 21, 2017	2.5	509.0	62
Week 9	June 28, 2017	-0.2	509.2	71
Week 10	July 6, 2017	6.3	502.9	58
Week 11	July 12, 2017	7.6	495.3	47
Week 12	July 19, 2017	4.7	490.6	43
Week 13	July 26, 2017	7.2	483.4	38
Week 14	August 2, 2017	1.5	481.9	51
Week 15	August 9, 2017	6.5	475.4	35
Week 16	August 16, 2017	8.9	466.5	30
Week 17	August 23, 2017	3.3	463.2	29
Week 18	August 30, 2017	5.4	457.8	27
Week 19	September 7, 2017	-4.6	462.4	32
Week 20	September 13, 2017	-5.9	468.2	39
Week 21	September 20, 2017	-4.6	472.8	46
Week 22	September 27, 2017	1.8	471.0	46
Week 23	October 4, 2017	1.5	469.5	46

One notes that current inventory of 496.5 million bbls is almost exactly where we were back in mid-August, and then again in mid-September. 

Futures: futures don't mean squat but it is interesting that WTI right now is flirting with $50 again. Right now, this dynamic link shows that WTI is down 0.7% (36 cents) and trading at $50.06. It's very possible WTI could drop below $50 tomorrow.

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A Man And His Dream

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