Strange US Sept Oil Production
A strange thing happenned last week.
The US came out with its "official" oil production for Sept, 2022. It reported the number at 12,268 million barrels per day.
Each week the US EIA estimates this same number. All year, those estimates have been about 200,000 higher than the actual number reported two months later.
However suddenly that changed. The estimated weekly numbers from Sept average 12,050.
That should of translated into about 11,850 official barrels per day once, but this time, the offical number was suddenly 218,000 barrels per day higher than the estimate.
How did that happen?
Every month the US models have over estimated actual production by 200,000 boe, then suddenly in September, the estimate is suddenly 200,000 less than actual.
Note that nothing usual happenned in the Sept estimates - they didn't take a sudden drop of 400,000 from the Aug estimates.
Something smells off..............