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BNO - U.S. Crude Draws Should Continue Into Year-End
United States Brent Oil Fund LP ETV
Welcome to the crude draw season of Oil Markets Daily!
EIA reported a crude draw of ~10.8 mbbls last week which was in-line with our estimate for ~10 mbbls. For this week's report, we have -3.8 to -4.7 mbbls. And our current projection shows US crude storage to fall to ~429 mbbls by August 9th.
At the end of May, we came out with a very contrarian call for US crude storage to fall below ~380 mbbls by year-end and we are standing by that call.
We have also made significant improvements to our weekly