A 24-Million Barrel Question: Where Is All the Missing U.S. Oil? - Bloomberg

A 24-Million Barrel Question: Where Is All the Missing U.S. Oil? - Bloomberg:

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

U.S. 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.