Perceived Reality Gap!To summarize, we most likely have production being overestimated and demand being underestimated which may explain the “perceived reality” gap as it pertains to the “oil glut” and the real world. Thus, beware of government statistics that are estimated or seasonally adjusted (does anyone really believe we are at full employment, like we are being told by the Fed, as record numbers of Americans are being dropped from the work force to boost unemployment stats?) because they will likely get revised when hard data irrefutably gets reported and the crisis has passed or when you are no longer paying attention.
By Leonard Brecken for Oilprice.com
https://finance.yahoo.com/news/u-oil-glut-story-grossly-000000955.html