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I haven't followed API inventory numbers, but couldn't help noticing the motor gas number was Down 5.3, while the corresponding EIA number was Down 0.7. For other values, the two seem to be at least somewhat close.
Has anyone been following API numbers? Should we be reading anything into the Down 5.3 for motor gas - perhaps a caution on the EIA Down 0.7?
These two never agree. Usually not even close. Which reminds me of an older MSM tactic of reporting only the most favorable reading from week to week. I haven't seen this slight-of-hand recently. Usually corresponds to the changing of the guard at the CNBC oil pit.
That said, the rolling average correlation over time is 4 nines.
looking at the weeklys in isolation is for mugs. Rolling 4 week averages have a lot more useful info.