The 24-million barrel question: where is all that missing US oil [Crude oil Inventories]?

[Persian] Gulf News ^ | 7-June-2019 | Bloomberg

[topher]

New York: Oil traders and analysts closely watching weekly US inventory figures have been scratching their heads in the last few weeks wondering one thing: Where are the missing barrels?

US Energy Information Administration data Wednesday showed a crude supply adjustment factor — the difference between reported stockpiles and those implied by production, refinery demand, imports and exports — of more than 800,000 barrels a day. While that doesn’t seem like that much, it’s added up to more than 24 million barrels over the past four weeks, and potentially hundreds of millions of dollars in trading opportunities.

The figure tends to swing back and forth, depending on irregularities in various surveys the EIA pulls from for its reports. It’s the only time since records going back nearly two decades that reported stockpiles have been so much higher than the implied figure for so long, which has surprised traders and investors.

[topher]

May be good news as this may mean lower gasoline prices at the pump for the summer driving season.

[House Atreides]

I just want to go on record stating that I don’t have the missing 24 million barrels.

[stinkerpot65]

I want to go on record that I stashed it in your basement.

[Kickass Conservative]

Remember when John Denver got slammed by the Left because he had an underground Gasoline Storage Tank on his Ranch?

[tenger]

Interesting. You denied it before being asked. Very fishy.

Where were you on the night of said oil disappearance?
Were you alone?
Were you driving an extremely long HAZMAT semi that night?

[dead]

A good portion of it is in Mitt Romney’s hair.

[Deaf Smith]

Ask Billy Sol Eastes.

Oops, he's dead.

[SkyDancer]

0bama gave it away?

[FewsOrange]

They are hiding it in the same place as all the missing gold from Fort Knox.

[Cold Heart]

Years ago I brought North Sea crude oil to Texas to be deposited in the Strategic Oil Reserve. The receiving supervisor told me there were many connections to that pipeline and he really had no idea how much was being siphoned off or where it all went.

[Karma_Sherab]

how much was being siphoned off or where it all went.

In today's world, it probably is siphoned off to Saudi Arabia where it is re-sold back to us

[VanShuyten]

Filling up the strategic stockpiles?

[lewislynn]

the difference between reported stockpiles and those implied by production

There's your answer.

Do these geniuses know what "implied" means?

[jagusafr]

Oh, Lord - THAT name brings back memories! Same era as Clinton Manges of SoTx uranium mine fame, IIRC...

[dangus]

I just ate at KFC. I think I found it.

[dangus]

>> You denied it before being asked. Very fishy. <<

So, you’re thinking Long John Silver’s?

[BlueLancer]

Ask Billy Sol Eastes.
Oops, he's dead.

I didn't even know he was sick ...

[DannyTN]

Wait, they are saying that oil stockpiles are higher than expected. So it’s not that oil is missing, but that we suddenly have an unexplained surplus.

Did somebody wring the oil out of Mitt Romney’s hair and add it to the stockpile?

[IronJack]

I wonder if the mysteriously missing oil could have any connection to the high prices we’re still seeing for gas. You know, the prices we were told were due to refineries having to switch to summer blends ... three months ago.

[arthurus]

That was my thought.