something strange on EIA WEEKLY REPORT?I have noticed for 2023 in the weekly EIA reports, when the export bbl number is high (4M+ b/d for example), line (13) Adjustment is high as well (1.3M b/d for example), and that keeps the inventory draw number low (or shows a build).
These weekly line (13) Adjustment numbers seem to be a lot higher on avg than they were last year and are working to keep a lid on prices by showing weekly crude builds or small draws.
If you just take (from the weekly reports), line (1) Domestic Production add line (5) Imports minus line (9) Exports minus line (14) Crude Oil Sent To Refiners, you come up short appr -1M+ b/d
Now they add in line (13) Adjustment, and it saves the day, by getting rid of the shortfall that (1) + (5) - (9) - (14) = has created.
This is how they explain line (13) in the report.
"Formerly known as Unaccounted-for Crude Oil, this is a balancing item. See Glossary for further explanation."
Reason i bring it up (someone please correct me if I got this wrong).....
This weekly Adjustment number was consistantly lower last year.
Quoted on last weeks report:
Cumulative Daily Average for line (13) Adjustment
5/5/23 1.058M b/d
5/5/22 0.227M b/d