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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.

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