Crude Oil Storage
Posted: Tue Jul 19, 2016 5:54 pm
FWIW: Figures from the American Petroleum Institute showed that U.S. crude supplies fell by 2.3 million barrels for the week ended July 15, the figures come ahead of more closely watched data from the U.S. Energy Information Administration on Wednesday (EIA) expected to show a a draw of 2.2 million barrels.
Over the last few weeks, there has been a big difference between the API crude oil report and what EIA reports on Wednesday.
KEEP IN MIND THAT THESE NUMBERS ARE NOTHING MORE THAN ESTIMATES. NEITHER API OR EIA HAVE ANY IDEA WHAT THE ACTUAL STORAGE NUMBERS ARE OR WHAT ACTUAL PRODUCTION WAS LAST WEEK. THESE WEEKLY REPORTS ARE BASED ON FORMULAS AND SAMPLE DATA. THIS YEAR THEY HAVE BEEN WAY OFF WHEN ACTUALS ARE REPORTED SEVERAL MONTHS LATER. FOR EXAMPLE, APRIL PRODUCTION WAS ACTUALLY 102,000 BARRELS PER DAY LESS THAN WHAT EIA HAD REPORTED IN APRIL.
Over the last few weeks, there has been a big difference between the API crude oil report and what EIA reports on Wednesday.
KEEP IN MIND THAT THESE NUMBERS ARE NOTHING MORE THAN ESTIMATES. NEITHER API OR EIA HAVE ANY IDEA WHAT THE ACTUAL STORAGE NUMBERS ARE OR WHAT ACTUAL PRODUCTION WAS LAST WEEK. THESE WEEKLY REPORTS ARE BASED ON FORMULAS AND SAMPLE DATA. THIS YEAR THEY HAVE BEEN WAY OFF WHEN ACTUALS ARE REPORTED SEVERAL MONTHS LATER. FOR EXAMPLE, APRIL PRODUCTION WAS ACTUALLY 102,000 BARRELS PER DAY LESS THAN WHAT EIA HAD REPORTED IN APRIL.