RE:RE:down, but still over 46d_trump wrote: The market is often skepticle of the API data - and rightfully so. Without other data (production, refinery utilization, imorts etc), the inventory number on its own can be very misleading. Not that the EIA is perfect, but at least they provide a reconciliation of all the relevant components, so their net inventory number usually makes sense. It could be that API messed up last week with their 6.2M draw and this week they are correcting their data.
One concern I have with reaction to this morning's EIA data is that Alaska is likely to bounce back (last week Alaska production declined by 152), so overall US production will likely rise. Hopefully the focus will be on lower 48 production because Alaska is prone to dramatic swings.
Or it could be that someonene behind the scenes is paying someone to sway the data one way one week and the other the next week... imagine if you have a couple hundred million playing this yoyo effect... Crazy to think about... We are all such small potatoes even if you own 100k shares like that Johnny dude.