distilates -2.3 mn
gasoline – 412k barrels
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Market expect -2.1 mln and they get -10.6 mln? Yeah, they were close.
Po, I have a question for you since you’re in the business. How do they account for inventories? Is it a sum of all stated supply across all oil companies, or is it a sample of some key areas?
Depends on which report you are referring to. Here’s the gist that is included in most write ups about the weekly inventory report:
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey. That survey will be released at 10:30 a.m. in Washington.
The fluctuations here seem huge. Going from building reserves to a 10 million barrel draw (the last draw was pretty huge too, if I recall) just seems implausible without accompanying growth.
Here’s what I’m wondering; any chance the threat of Iran blocking the straight is causing oil to be redirected to Europe, just in case? Which is making it look like we have a huge drawdown in inventories, even though it’s really a logistics operation?
USA and EU are working on an oil export embargo or tariffs against Iranian oil.