Why the U.S. government is changing the way it collects data on the oil market

MarketWatch ^ | 11/15/2023 | Myra P. Saefong

[wardamneagle]

The U.S. Energy Information Administration has been implementing changes to the way it collects its data, and it hasn’t been easy to understand what those changes mean for the traders who use the government agency’s reports to make key decisions. Looking through the changes to the EIA’s data collection process, Tyler Richey, co-editor at Sevens Report Research, said it was “not very clear exactly how the data will be affected.” It appears that previous data collection processes had “‘loopholes’ that allowed certain condensates and ‘other oils’ to not be reported in inventories, but now will be required to be reported in total oil inventory figures,” he said. The simplest takeaway is that the next effect of this change should result in oil inventories being higher than they previously were, said Richey.

[wardamneagle]

Hedgers believe the US will continue to break new oil production records despite declining rig counts and the disappearance of drilled but uncompleted wells. Phil Flynn

[chief lee runamok]

"“‘loopholes’ that allowed certain condensates and ‘other oils’ to not be
reported in inventories, but now will be required to be reported..."

So, another dollar plus a gallon raise in fuel cost.

[subterfuge]

To screw the American people of course. What do I win?

[bobbo666]

Any such operation by this gov’mts’ bureaus is gonna be like how the CPI was corrupted — to benefit BeijingBiden.

[ProudDeplorable]

Just in time for the election. See America isn’t in dire need of energy. We have plenty. Joe is doing a great job.