API & EIA seasonality - History lesson While some may think they are good forecasters saying it will be a build...(I bet today in Toronto I see a cloud...will I nail it lol) historically this is the issue...September and October SHOULD BE building and is already factored into the price of oil as most sophisticated oil traders KNOW oil should build through this time period.
Why did oil NOT drop last week with a build. Well contrary to what Deepblue et al understand this is expected.
For educational purposes pre covid these are the API numbers for October 2019
October 8, 2019 +4.1 million build
October 16, 2019 +10.5 million build
October 22, 2019 +4.45 million build
So yes for the unsophisticated retail investor that may have no idea....the rest of the group gets it.
Any imbecile with a pulse can predict a build lol.