EIA Report - YoY vs 5 yearBullish IMO.
I have my head in the sand, I personally refuse to look at the 5 year inventory report, its a red herring IMO. (I will once producers change their quarterly reporting and rig plans based on current results vs 5 year, LOL.)
Right or wrong, I'm only interested in YoY. That's how producers think, they are the SUPPLY side of the supply demand equation so that's how I think.
So let's compare 2023 to 2022 instead week to week storage changes:
08/05 to 08/12 2023: + 35 2022: +18, 17 B bearish
08/12 ...2023: +18 2022: +60, 42 B bullish
08/19... 2023: + 32 2022: +61, 29 B bullish
08/26... 2023: +33, 2022:+54, 21 B bullish
09/02...2023: + 57, 2022: +78, 19 B bullish
09/09...2023: +64, 2022: +103, 39 B bullish
09/16...2023: +90, 2022: +103, 13 B bullish
09/23...2023: +86, 2022: +129, 43 B bullish
09/30...10/07 (today): +84, 2022: +125, 41 B bullish
So we have 8 bullish reports in a row (YoY) and they seem to be gradually increasing (subject to ebbs and flows).*
* Next week Celsius forecasts 81 B added, they've been over the actual the last 2-3 weeks so say 75? 2022 was 111, so another 36 B bullish potentially next week (week after EIA in 2022 was 52 vs 75 projected by Celsius so that could be a bad week, 3 weeks later Celsius has 76 vs 107 actual in 2022).
GLTA. YMMV.