Crude Oil Supply Reports: Comparison of EIA, API, and Bloomberg Estimates

As I said in December 14th's blog, the profit making from the release of EIA's crude oil supply report comes within 2 to 4 minutes after this crude oil report. In the long term there is very little chance that this report, as well as other crude oil supply reports, will have any affect on future price. I compiled a comparison of crude oil supplies with EIA, API, and Bloomberg estimates. The results were as I suspect: sporadic, at best. Here's a picture of Crude Oil prices in a daily chart, with each line representing the release of EIA and API's report (API's report is release every Tuesday, but to make life simple I just put them both together):

 
The report's do give us the appropriate price direction on occasion, but since it is only sometimes, then you can not count on accuracy.