Predictions on this week's massive Oil storage drawdown?My prediction: 15M barrel storage drawdown.
"Last week (to Feb 12), crude stocks declined 7.257 million bbl which exceeded prior estimates for a 5.8 million bbl drop from the American Petroleum Institute and analysts' calls for a 2 million bbl draw."
I guess my reasoning is that the 2 weeks previous up to Feb 12 were ~7M drawdowns and that was with some cold weather but not the extreme we recieved in the last week. It's also not just Texas experiencing colder than normal weather although they are really suffering. It's all over NA and Europe and Asia had their share of cold weather also.
I think gasoline/diesel drawdown will also be enormous as generators and emergency vehicles will be working overtime in February
We'll find out next Tuesday but I'm curious to hear predictions and why.