+100,000 barrel per day increase?…. Bloomberg

by Jim Colburn • Thursday, August 18, 2016

Yesterday’s weekly status report by the EIA showed a sharp increase in oil production which they say never really happened… Here is Bloomberg:

“The output estimate jumped by 152,000 barrels a day for last week, the biggest increase since May 2015, according to the Energy Information Administration. Production didn’t actually increase by that amount but was modified to incorporate a “re-benchmarking” versus the agency’s Petroleum Supply Monthly, according to Jonathan Cogan, an EIA spokesman.”

Bloomberg quotes Cogan again:

“”I would caution anyone who takes the production number from one of our monthly reports and takes it as the beginning of a trend, and that’s certainly the case with the weeklies,” Cogan said.”

Here is the full article: http://www.bloomberg.com/news/articles/2016-08-17/eia-increases-weekly-u-s-crude-output-to-reflect-monthly-data

And here is the EIA’s weekly status report:

http://ir.eia.gov/wpsr/overview.pdf


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