1) The Brent/WTI spread exceeded $8 (10%) at many times last week. THAT would be a great incentive to export crude and product WOW, which we see. OTOH, the EIA says that imports INCREASED 1.5 million bpd or 10.5 million barrels last week. The huge Brent/WTI spread would discourage imports. Pure EIA BS.
2) The EIA said production increased by 600k bpd YOY. I posted SEC filed financial reports from the 5 top US shale producers and they showed a YOY 9/30/22 increase of 45k bpd, not 600k bpd. That adds to a 3.8 million increase in weekly production YOY. Again pure BS.
Remember that these 2 major discrepancies aggregating 14.3 million barrels (10.5+3.8) require offsets somewhere on the other side of the ledger. That ledger would suggest inventories are overstated or ???.
We know that the government wants lower oil prices at least until they pick the Georgia senator that determines which way the Senate leans politically.
