Massive inventory drawdown, PES Fire, OPEC+, G20


  • Jeff

    Thank you,
    on slide 3: “It is probably lease inventory that EIA stopped publishing in October 2016”. I don´t follow your logic here. If it was lease inventory than dosen´t this imply that lease inventory grows almost every weak at a rate of with several 100kb/d and has increased by 225mb in total? Is this realistic?

    • Arthur Berman


      I don’t think about it that way. What unaccounted for oil indicates is a weekly flow of ~5 mmb from somewhere. I can easily imagine 5 mmb in lease storage released & re-filled.

      All the best,


  • Jeff

    “I can easily imagine 5 mmb in lease storage released & re-filled.”
    But if it was re-filled then shouldn´t “unaccounted for oil” alternate between source and sink? Now it seems it is only a source of supply, i.e. either demand is lower or supply higher than estimated.

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