According to EIA weekly inventory report, US oil production fell last week back down to 12.2M bpd from 12.4M bpd the prior week.techno-ag said:Yeah no one pays attention to the corrected reports.cptthunder said:confucius_ag said:
XOM holding up pretty well considering where oil is this morning.
EIA reports a draw of 3.8 mmbls instead of a .5 mmbls build and WTI is below $70 again
Interesting world with regard to commodities these days
I do not believe the 12.4M numbers EIA reported for the Week Ending June 9 and Week Ending June 2. Why?, you might ask. Well,...because someone needs to explain how oil production went up .2M barrels in those two weeks (from 12.2M week ending May 26) when oil rigs are declining sharply.
Oil rigs have fallen from 586 on May 12 to 552 last Friday June 16. So we have sharply declining oil rigs and a two week bump up in US production? LOL! Yeah, right.
I'm sure EIA will ** correct ** these numbers too.