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EIA reported quite a sizable storage draw last week of 12.8 mbbls for crude storage. This draw was ~8 mbbls higher than our forecast and made up for the previous 3 weeks of misses. On a forward-looking basis, the trajectory over the coming 2 months will determine in large part if our forecast for sub 380 mbbls for US crude storage by year-end pans out.
For example, in July, we are showing much lower US crude imports, but US crude exports will also be lower as