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The EIA announced a draw of 2.5M/bbls for the week ending January 3, 2025. National inventories now stand at 82.5M/bbls compared to 79.1M/bbls one year ago this week.
While national inventories remain high for this time of year, the second-highest level on record, it won’t take much to see our inventory trajectory get chewed up, given the cold weather in the forecast for the rest of this month. It could be a wild ride in the seven to fourteen-day window.
The cold does not look to be letting up, and the majority of the nation will experience below-normal anomalies for the next two weeks…then the cold slowly pulls back West. This is going to be a wild January.
