Anyone notice US production fell by 135,000 barrels a day in January?
Looks like the EIA's algo is a little shonky and subject to serious revision when the data from the states comes in. So all that surging production being reported is garbage. Also garbage, Goldman's self serving reports about rig counts not mattering, they were probably filling tankers while releasing that crap. Who was parroting that nonsense again?
What's next? Is storage calculated ahead of time with an algo too? Something tells me oil won't be running in the streets because storage is full like we're being told.
WTI will probably still suffer the weekly EIA algo estimates for a while yet, but what are the odds February production declines as well?
Ann: Annual Report 2014, page-6
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