RE:RE:Whats with oil?Yes, for some reason I feel extremely positive today.............curious to see whats coming.
Gas buddy is reporting gas consumption up about 4% in the US vs last week - ie driving season has started.
The weekly EIA report again had a rediculous "unaccounted for oil" number included (last week it was 15.6 million barrels). Without that mystery "adjustment", the 1 ish million build in crude last week would be a 14 million barrel draw. Something is going on.
The EIA recently tried to explain this by saying they were not capturing the Natural gas liquids in their oil inventory data, which are being added to oil further along the chain.
This may be the case, but it does not explain why these huge "unaccounted for oil" numbers started showning up about 4 weeks ish ago (in all time record amounts). If the EIA had a systematic error in its data collection, that error would repeat each week.
Its the rate of change thats important for EIA data (the actual data is probably wrong, but its consistently wrong for the same reasons). When the EIA data shows something new, that means something new is happenning. The addition of huge amounts of "unaccounted for oil" all of a sudden can't be explained by saying their survey missed something.
Seems strange - like suddenly finding huge numbers of new votes in an election, that almost all lean one way! Not that anyone would do that. But if they did, they might try the same data manipuation elsewhere.
I wish I knew why I was so positive all of a sudden. I suspect my brain has subconscoiously connected a bunch of dots, and it likes what it sees.