Which News Outlet Is Right? Ouch!

Posted: November 16, 2016 in Business, Farros, Oil, OPEC, Royal
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Data is one of the things that moves the oil market these days.

Every Tuesday at 1:30pm pst we get data from the American Petroleum Institute (API).

I have found Marketwatch does a great job covering this report — which we mere mortals can’t actually get directly since we don’t pay the big bucks for a data subscription.

Yesterday Marketwatch reported a 3.65 million barrel build… compared to a 2 million barrel decline that analysts were expecting.  Relatively speaking, that’s a big miss… and would be quite bearish for oil prices.

CNBC, on the other hand, reported a 3.6 million barrel build… BUT as compared to analysts expectations of a 1.5 million barrel INCREASE.  That’s obviously a less dramatic miss.

So who’s right?

Who knows!  In this highly automated news era, it’s impossible to get in touch with any news agency to ask them to verify potentially big typos in reporting.  I’ve been trying to leave comments on the CNBC site… and am logged in correctly (since I got the “Welcome, Royal!” message)… but for some reason (maybe a bug) my comments aren’t posting.  (And, no, I don’t post a lot of comments so I haven’t been banned or anything.)

Technology is absolutely wonderful but still has a ways to go, eh?

Guess we’ll find out the true answer when the U.S. Energy Information Administration (EIA) reports at 7:30am pst today.

That is, if the news agencies can get the reporting right.

UPDATE:  The EIA reported that the actual build was 5.3 million barrels… which I’m happy to say both news agencies got right… BUT, Marketwatch still is using an analyst figure of an expected decline of 2 million barrels… while CNBC is still using an analysts figure of a 1.5 million barrel increase.  Ugh!  Go figure.

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