FYI: Crude oil inventories for the latest week were released earlier today, and for the fifth straight week showed an unexpected decline. Now, we often comment about economists’ consensus forecasts for various indicators and how they often vary widely from the actual reported number, but the recent track record of traders predicting the weekly inventory print from the DoE is a joke. In this week’s report, consensus expectations were for stockpiles to increase by 1.5 million barrels, but the actual change was a decline of 2.976 million barrels.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/crude-oil-inventories-continue-to-plunge/
