API-EIA figures diverge by 2+ million barrels in 6 of 10 weeks Prices flip as traders seek edge on government supply number Oil traders don’t know who to follow these days. Weekly inventory reports that help set prices for crude futures come primarily from two sources: The industry-funded American Petroleum Institute and the U.S. government’s Energy Information Administration. In six of the past 10 weeks, however, the data reported by the two groups has differed by at least 2 million barrels, with the gap for the week ended May 6 at 6.9 million. That week, the API showed a stockpile gain while the EIA saw a decline, one of eight weeks this year with diametrically opposed results. It’s a divergence that’s sending mixed signals to a market eager to determine when supply and demand will once again steady oil prices. The frequency of the gap “creates uncertainty in a […]