Tuesday, April 27, 2021

Weekly Petroleum Report -- April 27, 2021

Today's data was the API data, link here; tomorrow, the EIA data. 

Again, Julianne Geiger says it was a "surprise." LOL. It's always a surprise.

Today's surprise: "US oil inventories rose beyond expectations." That's an understatement.

API reported an extensive build in crude oil:

  • a build of 4.319 million bbls;
  • forecast: 659,000 bbls
  • yes, I would say that was quite a surprise.

We'll see what the EIA reports tomorrow; that link is here

API reports that even as oil inventories rose substantially, US oil production held steady at 11. million bpd. Pretty remarkable. So, either imports or less demand.

No comments:

Post a Comment