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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