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USO - Global Oil-On-Water Suggests Q4 2019 Deficit Will Be Massive
United States Oil Fund
Welcome to the OOW edition of Oil Markets Daily!
EIA reported a bullish crude draw report today of -10 mbbls. This was slightly higher than our estimate of -9 mbbls.
Since we've made the improvement on June 14th, we have seen much more accurate estimates from our US weekly crude storage estimates.
Over the span of 2 months, our estimate has actually been lower than EIA's. Going forward, we are trying to improve on our preliminary estimates. We hope to get the 3-4 week outlook locked down so that this becomes a tradeable edge. For