U.S. Oil Glut Story Grossly Exaggerated "
oil storage & production data (and media hype for that matter) has disconnected from hard data. This has been occurring for many quarters now with the US economy statistics as well and appears to be the new world order where facts can be spun or massaged to any one’s wishes. It’s called the “age of propaganda” where truth matters little and comes out later in so called revisions...."
"Thus we have markets using estimated production data to infer the pace at which storage will be filled up in Cushing, while the hard field data does not match..."
"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 Americas 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.
https://oilprice.com/Energy/Crude-Oil/U.S.-Oil-Glut-Story-Grossly-Exaggerated.html