Now we see how the market reacts tomorrow to these earnings. A normal rational investor would assume a positive reaction. However, this is Wall Street we are talking about and if EOG can't hold a gain by the end of the day....
On the Yahoo RIG message board oilforever came up with an interesting observation. Not that any of us didn't know the API data is bunch of shit anyway....
API and Revised Crude Stocks
by: oilforever (33/Orange County, CA)
4/18/00 8:11 pm
Msg: 13226 of 13227
I guess, one should be careful when API reports 6.6 M increase in crude stocks.
Go and check with crude stocks with the previous week's number
.
Courtesy of Joe's numbers here is what we see in the last 7 weeks:
Joe reported 284.1 M crude stocks on 2/29/00.
In the next seven weeks the API reported crude change was (+7.2, -3.6, +4.7, -1.2, +4.6, +4.2, +6.6).
The "total" of "change"s in this period from 2/29/00 is 22.5 M .
This weeks's reported crude stock is 303.6 M.
Well, the difference from 2/2/9/00 is 19.5 M.
API is overestimating the crude stocks thus showing increased crude built. And, in the next report API revises DOWN
previous week's crude stoks, thus increasing the "crude built" of current week (as in the case of this week). Well, this reduces
the crude built in the previous week.
But, who cares for the past week. The crude built is "larger than expected" for the current week (which will be most likely
revised down in next week's report.) |
