Anyway, back to the matter at hand. When calculating the number of weeks it will take to "re-balance" supply/demand of US crude oil, I only use the EIA data that is released on Wednesday mornings at 10:30 a.m. Eastern time. But I do post the API data that is released at 3:30 p.m. Central time. The API data and the EIA data "never" seem to match; in fact, they never even seem to come close to each other's data. They are obviously measuring US crude oil inventories differently. Be that as it may, I find it interesting to check in on the API data.
The API data today:
- API last week revealed a huge increase in oil inventories, up 3.3 million bbls
- today, the API forecast a similar build-up of 2.5 million bbls
- in fact, the API reports a draw of 1.05 million bbls (a 3.55-million-bbl difference, and, in addition in opposite directions: the forecast was for an increase; the actual data revealed a decrease
I find the API data at this link. But the information is very transitory. I think it disappears from that site in an hour or so.
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