Cushing builds for a fourth week to 26.6 million, its highest since early May.
Tanks at the WTI delivery point closed the week to 9 October at 26.6 million barrels, up 1.9 million and 6.6 million above the level the trade treats as tank bottoms. Our 12 October pass reads 25.5 million, nine days before the EIA reports that week.
Four builds in a row, and a pass that reads lower
Cushing took in 1.9 million barrels in the week to 9 October, its fourth build in a row. The hub has added 5.1 million since the week to 11 September, from 21.5 million to 26.6 million, its highest level since early May and 4.6 million above the same week last year.
Our 12 October pass reads 25.5 million, with an 80% band of 24.1 to 26.7. It was taken before the 9 October print came out, and the read stands as measured: it sits 1.1 million below that print, which points to a draw in the week to 16 October. The EIA reports that week on Wednesday 21 October; a print that holds near this week's level would land at the top of our band.
This page goes out with the read we wrote for the week to 2 October, which scores our 18 September call: a miss, 22.5 million against a print of 23.7 million.