EIA Huge Surplus When EIA came out with one of the largest surpluses of the year as they explain that they need to rebalance because they needed to adjust according to production increases looking at US daily production one would expect large increases but I don't see much difference that would catch EIA off guard and if they couldn't see that Oil production increase since Jan was 100 bpd then how many other readings will trip them up and catch them off guard and the difference to me really doesn't justify swimming in Oil as they say plus Europe Oil demand is still high and the US is also resilient to Intrest Rate Hikes. If EIA is that bad at their job then how can you trust future readings not knowing if they still don't know what they`re doing or if they actually got it right? good luck at telling the difference. Biden was the biggest surprise in releasing Oil from SPR and the reason was that the market was worried that OPEC would have to reverse cuts to meet demand on top of Russia's cuts then everything changed to surplus and even if they say that Russia's cuts are Oil not sold because of sanction revenues being down 46% shows that they're hurting and regardless of the reason for the cuts the market is short Oil adding to OPEC cuts would be 2.5Mil bpd to be cut in a record year for demand from Asia and China while Europe and US still rolling with the punches, Hopefully during the time from now till Tue something bullish happens. I'm on the fence if I should inform EIA that I did an Oil change because that could really affect inventory and the way they do their math.
Crude Oil Domestic Production (eia.gov)