RE:RE:RE:RE:EIA Crude +10, Gasoline -1.3 Dist -1.8mYes, since they started the new rebenchmarking calculation and reporting methods this summer, production numbers reported have increased instantaneously like magic. Not apples to apples.
Here's today's release:
https://www.eia.gov/petroleum/supply/weekly/pdf/wpsrall.pdf Here is their warning disclaimer notice from that report. You have to go back to prior reports to find the fudge factor each week.
Crude Oil Production Re-benchmarking Notice: When we release the Short-Term Energy Outlook (STEO) each month, the weekly estimates of domestic crude oil production are reviewed to identify any differences between recent trends in survey-based domestic production reported in the Petroleum Supply Monthly (PSM) and other current data. If we find a large difference between the two series, we may re-benchmark the weekly production estimate on weeks when we release STEO. This week’s domestic crude oil production estimate incorporates a re-benchmarking that increased estimated volumes by 370,000 barrels per day, which is about 2.8% of this week’s estimated production total. autofocus111 wrote: Can you please clarify? I'm referring specifically to the last chart in your post that shows historical production and rig count. Has all the production data in that chart been retroactively adjusted using the new benchmark methodology, or only the data after the re-benchmark method was implemented a few weeks ago (that resulted in a step shift up)? Thanks.
Whether these numbers are correct or not, may be entirely irrelevant. The point is that the market moves and trades off these numbers, which makes it important to us.