Crude Oil Storage Report - Feb 10

[dan_s]

February 10, 2016
CRUDE OIL INVENTORY/’000 bbls
(Week Ended 2/05/16)

Current: 501,958
Actual Build/(Withdrawal): (754)
Economist Average Estimate: 3,178
Previous: 502,712

You all need to read this: https://rigdata.com/rigdata-insights/bl ... -you-trust

I believe the EIA method of collecting production data is flawed. They use survey data and formulas to come up with weekly numbers for production. With the sharp drop in the active rig count and even fewer wells being completed, U.S. oil production has to be falling more than EIA has been reporting. The EIA's own Drilling Productivity Report shows that onshore production has been falling by more than 100,000 bbls per day per month for the last six month. There has been an increase in Gulf of Mexico production, but not enough to hold production flat. If you read the article at the link above, you will see that EIA's production for Texas may have been overstated by more than 400,000 barrels per day just for Texas.

During the 2008-2010 cycle, EIA reported production data and demand data was way off when actuals came out.