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NRGZ - U.S. Crude Storage To Cross The 5-Year Average By Mid-September
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E Sr MedTrm Nt
Welcome to the crossing edition of Oil Markets Daily!
We have a rather sizable draw estimated for this week's report.
And for the few weeks after that, we see US crude storage falling below the "elevated 5-year average" by mid-September.
Our estimate for September is currently erring on the side of caution with us using ~12.9 mb/d as the US oil production figure.
At the moment, the fair value of WTI using a storage-based model shows prices to have been disconnected by ~8%. The fair value is expected to rise to ~$60/bbl by the middle