Crude and gasoline prices about to go for a serious nosedive
April 8, 2015
April 8, 2015
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.
Roger McKnight is the Chief Petroleum Analyst with En-Pro International Inc.
Roger has over 25 years experience in the oil industry, and has held senior marketing management positions responsible for national and international accounts. He is the originator of the card lock concept of marketing on-road diesel that is now the predominant purchase method of diesel in Canada. Roger's knowledge of the oil industry in North America, and pricing structures has resulted in his expertise being sought as a commentator by local, national, and international media. Roger is a regular guest on radio and television programs, and he is quoted regularly in newspapers and magazines across Canada. All posts by Roger McKnight