RE:RE:RE:RE:This is gonna hurt bigly, eh bago/trumpthree possible explanations:
1. big jump in imports (1M BOE per day spike = 7M)
2. infrastructure glitch (ie refinery or pipeline problem, I thought I recall something recently but have know idea of the impact it would have)
3. API is dead wrong (wouldn't be the first time)
Or combination of all three. What we do know is that the build cannot be a result of spiking production - even if production is up by 100k, that would be only 700k for the week. Also it's doubtful demand for crude products has changed that much.
My guess is we'll see a much smaller EIA build - possibly 6-8M and a spike in imports. If so it might get shrugged off....who knows?