Is Phil Flynn right about EIA's weekly data being crap?
Posted: Fri Nov 08, 2019 2:45 pm
Should The EIA Raise Its Oil Data Tracking Game To 21st Century Standards?
Read more: https://www.investing.com/analysis/shou ... -200483751
The problem is that even the EIA knows their weekly report is full of WAG's based on outdated formulas, but they refuse to outsource the work to more accurate private sector groups because (heaven forbid) they would then have to cut their bloated staff and bloated budget. BTW we the taxpayers pay for the EIA's bloated budget.
Everyone in the industry understands that when the active drilling rig count falls so does production. Therefore the EIA's estimates of U.S. oil production are WAY TO HIGH.
Today Baker Hughes reported that the number of rigs drilling of oil in the U.S. dropped by another 7 rigs.
See for yourself here: https://rigcount.bakerhughes.com/static ... 294fb36ea7
Let me go on record here: "Unless there is a reversal in the active drilling rig count very soon (highly unlikely), we will see U.S. oil production go on decline in the first half of 2020."
Read more: https://www.investing.com/analysis/shou ... -200483751
The problem is that even the EIA knows their weekly report is full of WAG's based on outdated formulas, but they refuse to outsource the work to more accurate private sector groups because (heaven forbid) they would then have to cut their bloated staff and bloated budget. BTW we the taxpayers pay for the EIA's bloated budget.
Everyone in the industry understands that when the active drilling rig count falls so does production. Therefore the EIA's estimates of U.S. oil production are WAY TO HIGH.
Today Baker Hughes reported that the number of rigs drilling of oil in the U.S. dropped by another 7 rigs.
See for yourself here: https://rigcount.bakerhughes.com/static ... 294fb36ea7
Let me go on record here: "Unless there is a reversal in the active drilling rig count very soon (highly unlikely), we will see U.S. oil production go on decline in the first half of 2020."