As gleaned from MarketWatch:
"The U.S. Energy Department's Energy Information Administration will report its data Wednesday morning on petroleum supplies for the week ended Aug. 15.
The report will likely show that crude supplies fell by 1.1 million barrels, motor gasoline inventories fell by 3.6 million barrels and distillate supplies were down 900,000 barrels, according to estimates provided by John Kilduff, an analyst at MF Global.
The report will likely show that crude supplies fell by 1.1 million barrels, motor gasoline inventories fell by 3.6 million barrels and distillate supplies were down 900,000 barrels, according to estimates provided by John Kilduff, an analyst at MF Global.
On average, industry analysts surveyed by Platts expect to see crude supplies up by 1.7 million barrels, motor gasoline supplies down by 3 million barrels and distillate inventories up by 1.2 million barrels."
Ok one dude says down 1.1 million and the rest of the analysts AVERAGE UP 1.7 million....
Hmmmmmm....it would appear the analysts as a whole have no freakin clue. Let's assume the article writer picked the outlier on the bottom-side as stated above, 1.1 million down. If the average of all is 1.7 million up... Can one reasonably estimate the outlier on the top-side would be an inventory build of 4.5 million? Talk about slow growth....
Either way the market is going to chew on this oil inventory number pretty hard as technical levels are ripe for reversals. Will definitely be telling by days end.....
No comments:
Post a Comment