Late yesterday afternoon the American Petroleum Institute (API) released their U.S. inventory viewpoint saying that national U.S. crude levels increased by 12.0 million bbls for the week ending April 3.
The API is not considered the gold standard of accuracy as this data is supplied to the API on voluntary basis.
The Energy Information Administration (EIA) data is mandatory as directed by the U.S. Department of Energy, and rarely do the API and EIA inventory reports match.
This week is an exception with the EIA numbers showing a crude increase of 10.9 million barrels.
Even if North American production is slowing, this is not evident in the crude flowing into an ever-tightening storage capacity.
Consider the crude price blip over the last few days ‘de-blipped’ with crude and gasoline prices about to go for a serious nosedive.
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