Crude Oil Inventory

Crude Oil Cuttings for the Week Ended January 16, 2015

January 22, 2015

CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/16/15) Current: 397,853 Actual Build/(Withdrawal): 10,071 Economist Average Estimate: 2,670 Previous: 387,782 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Thesis (as of January 13, 2015) We expect Brent/NYMEX $62.50/$57.50 oil prices this year and $85/$80 next year. In our view, the negative

Crude Oil Cuttings for the Week Ended January 9, 2015

January 14, 2015

CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/9/15) Current: 387,782 Actual Build/(Withdrawal): 5,389 Economist Average Estimate: 1,750 Previous: 382,393 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Demand Demand of ~19.2 Mmbpd decreased ~0.6% w/w, and the four-week moving average decreased ~160 bps to ~4.9% higher y/y. Gasoline

Crude Oil Cuttings for the Week Ended December 26, 2014

December 31, 2014

CRUDE OIL INVENTORY/’000 bbls (Week Ended 12/26/14) Current: 385,455 Actual Build/(Withdrawal): (1,754) Economist Average Estimate: 133 Previous: 387,209 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy.

Crude Oil Cuttings for the Week Ended December 12, 2014

December 17, 2014

CRUDE OIL INVENTORY/’000 bbls (Week Ended 12/12/14) Current: 379,942 Actual Build/(Withdrawal): (847) Economist Average Estimate: (2,213) Previous: 380,789 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports ANALYST COMMENTARY **All notes from 12.17.14** KLR Group Demand Demand of ~20.5 Mmbpd increased ~5.2% w/w, and the four-week moving average increased ~170 bps to

Crude Oil Inventories See Largest Draw since January 2014

July 16, 2014

The Energy Information Administration reported a draw of 7.525 million barrels in crude oil inventories in its Weekly Petroleum Status Report for the period ended July 11, 2014. The drop is the largest since a January 11, 2014 draw of 7.628 million barrels and far exceeded the estimates of ten economists polled by Bloomberg. The current reduction is more than

Geopolitical Issues Push WTI/Brent Differential to $23

October 11, 2012

CRUDE OIL INVENTORY/’000 bbls (Week Ended 10/5/12) Current: 366,370 Actual Build/(Withdrawal): 1,672 Economist Average Estimate: 773 Previous: 364,698 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *Continental Resources says Oklahoma discovery may add 1.8 billion barrels – Tulsa World Continental Resources Inc. says a shale-oil discovery in Oklahoma may add the equivalent of 1.8 billion