Huge Inventory Build, EIA

[Harsh vardhan singh + 36]

After plunging oil bulls into deeper gloom by forecasting a 131,000-bpd jump in shale oil production next month, the Energy Information Administration reported a 5-million-barrel increase in crude oil inventories for the week to March 9—in stark contrast to yesterday’s API figures.

This compares with a 2.4 million barrel build reported last week and analyst expectations of a 560,000-bpd increase. A day earlier, the American Petroleum Institute reported an estimated 1.156 million barrel inventory increase for the period.

[TraderTate + 186]

Why do you think there's been such a wide divergence in API and EIA figures? This seems to have happened frequently over the past year or so ...