EIA drifting into irrelevanceIt was only a few years ago when EIA data was gospel and would move the energy markets with its weekly report. That influence seems to have vanished. The traders don't trust it anymore and it is now becoming irrelevant. What a shame for the people working in this government organization. They badly need a deepthroat to emerge, but they have probably all been scared witless if they dare leak anything.
Global oil data is being watched more closely along with other macro features which inform energy price action. New York traders are stlll hitting oil hard each morning, but there are lots of players who can see through the charade and the price remains supported.
It will be interesting to see what tricks the democrats have left to control the energy prices with these other tools effectiveness starting to wane.
I suspect we will see a 30 million barrel release from the SPR sometime between Aug-Oct as we are now into the final four months before the election.