After last week's epic squeeze in crude, overnight weakness has accelerated dragging WTI back to a $43 handle. This comes after EIA (based on improved reporting) [4] reduced the H1 2015 production data by 130,000 barrels per day.
Which is odd, as Reuters reports,
The U.S. government on Monday released new data on domestic oil production for the first half of this year based on improved methodology, showing output was as much as 130,000 barrels per day (bpd) lower than first estimated.
In a posting on its website prior to the formal release of new figures, the Energy Information Administration said its new, survey-based production data showed the country pumped 9.3 million bpd in June, down 100,000 bpd from a revised May figure. It said previously reported monthly data for January through May were revised down by between 40,000 and 130,000 bpd.
But then the algos read the EIA report...
[5]
