Baytex Energy Corp T.BTE

Crude oil inventories

[spurwing2]

U.S. Crude Oil Inventories

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Latest Release

May 10, 2023

Actual

2.951M

Forecast

-0.917M

Previous

-1.280M

 

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.

[Re1ndeer2]

Terrible interpretation by EIA.....Big draw on Gasoline(3.2), Big Draw on Distillates(4.2), SPR draw again of 2.9 m bbls, and Cushings draw 1.3 m bbls......My simple math gives us a Net Draw(11.6 minus EIA Report -3.0mbbls) 8.6 m bbls......

[Quickdraw123]

An oil build goes with the current demand destruction narrative they are desperately pushing, only so many barrels of the allocated 27 million SPR left to draw from. 

[Moemoney42]

Yup funny how now the EIA numbers are relevant.. for weeks now they didn't matter and all the sudden they do.. LMAO..!!  Talk about selling doom and gloom..! Too funny..!

[marketsense]

Its bizarre to say the least.  Without the 2.9mbbl SPR release,  the oil inventory numbers would show a draw.  Gasoline,  liquids and distillates were all bullish but oil sells off because of the manufactured(manipulated) build.   Clearly the market should be better at interpreting these numbers than they are.  But the WH has got Wall St backing up their narrative and