It's Always A Surprise -- LOL -- March 12, 2019

Over at oilprice: surprise, yes, another surprise, crude oil draw sends oil prices up.

• forecast: a build of 2.655 million bbls (again, the precision is incredible - 2,655,000 bbls)
• actual: a surprise, yes, another surprise, crude oil draw of 2.6 million bbls

But it's the EIA data tomorrow (Wednesday) that really matters.

So, let's see what the price of oil was at the close, after this surprise draw:

• WTI: up an astonishing 18 cents/bbl (or 0.32%)
• Brent: up 8 cents/bbl (or 0.12%)
• OPEC basket: okay, this was a nice price jump but I doubt it had much to do with the API data, up almost 2%; up $1.23 -- this "jump" was due to Saudi Arabia spokesman saying that country would do "anything" to support higher prices

See first comment. False precision.