RE:EIA DISTILLATE INVENTORIES ACTUAL -2.76M (FORECAST -0.9M, PR The EIA fabricates their numbers every week imo in an effort to drive down oil prices. Their two main methods are to use #16 Adjustments and Exports.
Last week they used exports and showed exports at 2.7 million BOD. The normal exports are over 4 million BOD. So last week exports were approximately 12 million BOD less than normal, therefore, amounting to Oil Inventories increasing.
Today of course Exports had to increase otherwise they would bd way out whack. So exports went back to 4.7 mm BOD where they should be.
This week EIA we t back to one of their favourites. They increased Item 16 Adjustments by 1.84 million per day. This is a huge adjustment and amounts to 12.6 million BOD addition to inventory for one week .
Most experienced analysts likely know how EIA adjusts numbers to create inventory packs/increases in sn attempt to drive down oil prices.
My question is "are real inventories a way less than reported inventories".
I would be scared if I was one of the people in charge of publishing the weekly EIA numbers.