Tuesday, March 5, 2019

API With Surprise: Huge Crude Oil Build -- Over 7 Million Bbls -- March 5, 2019 -- WTI Volatile But Holds Steady

WTI was volatile today but finished flat despite huge crude oil build reported by API. Data points:
another "surprise" build -- most over-used word by economists and analysts: "surprise"
  • API: reported a large "surprise" build of 7.29 million bbls
  • forecast: a build of 388,000 bbls (note the fake precision); 
    • A DOT-111 tank car carries upwards of 830 bbls
    • at 8,000 bbls we're talking ten tank cars; a unit train is 110 tank cars
  • see write-up at ZeroHedge
Disclaimer: I often make simple arithmetic errors. Feel free to fact check.

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