Boy, oh boy.
If you wanted a dramatic set up for tomorrow’s EIA data, I’ve got one for you. At 4:30 we got this week’s API numbers as usual and (as is also usual) we printed a huge stock build…
- Crude inventories +11.6m bbl last week
Consider that against this…
- EIA to publish weekly inventory data Wednesday; median forecast is +1.39m bbl in crude stockpiles last week, Bloomberg survey of analysts shows
But, we also got this from API…
- Gasoline -4.96m
Versus this expected from EIA…
- Gasoline stockpiles -1.99m to 253.9m
Which led directly to this juxtaposition…
…and subsequently to my own, trademark, in-depth analysis…
well fuck me runnin'… pic.twitter.com/LPHcBlGDW3
— Heisenberg Report (@heisenbergrpt) March 7, 2017
So if you needed some hard data to trade on amid the incessant and often contradictory CERAWeek chatter out of Houston, there you go.
The house of Saud crumbles a little more.