[Revised] The Five Facts that Analysts Missed about Today’s EIA Oil Market Data, Including Adjustment!

With 5 charts

Our apologies. The title of Figure (5) was wrong. Below is teh correct version.

Contrary to Analysts’ expectations, US crude oil inventories increased by 3.730 mb to 459.7 mb, according to the US EIA. The increase in crude inventories was NOT out of whack with historical trends, but was the opposite of what traders and analysts expected (see Figure 1).     

While many people were surprised, we were not.  Major changes happened in recent weeks that have been ignored by many in the market. Some of these changes have a lasting impact. Details with 5 charts are listed below.

It is Mostly about Canada and Mexico