Chesapeake Energy Corp (CHK)

[ogbull]

MORE EIA FRAUD!

This story is just now getting started!

API is the premier source for petroleum industry data and information. API's data and statistics are accurate, comprehensive, timely, and quoted widely.

Three days ago, the American Petroleum Institute said, "Crude inventories fell by 6.7 million barrels in the week to July 1 to 520.9 million, compared with analysts' expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by only 80,000 barrels.

The EIA report disagreed completely and was extremely bearish. U.S. crude oil imports averaged about 8.4 million barrels per day last week, up by 808,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.0 million barrels per day, 11.6% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 765,000 barrels per day. Distillate fuel imports averaged 61,000 barrels per day last week.

It went on to say that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.2 million barrels from the previous week. At 524.4 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories decreased by 0.1 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 1.6 million barrels last week but are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 2.7 million barrels last week and are near the upper limit of the average range.

Total commercial petroleum inventories increased by 3.4 million barrels last week. Total products supplied over the last four-week period averaged over 20.5 million barrels per day, up by 3.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.8 million barrels per day, up by 2.5% from the same period last year. Distillate fuel product supplied averaged over 3.9 million barrels per day over the last four weeks, up by 1.5% from the same period last year. Jet fuel product supplied is up 11.7% compared to the same four week period last year.

This all comes back to a sudden unexpected rise in imports that the other two reporting agencies did not see coming!

Somebody is lying and playing games!

My money bets it is the EIA because they always announce clauses that they could be wrong!

For example, in all the PDF files, they insert a clause that says:

"The Energy Information Administration (EIA) disseminates independent and impartial energy information... By law, EIA’s data, analyses, and forecasts are independent of approval by any other officer or employee of the United States Government, so the views expressed herein should not be construed as representing those of the Department of Energy or any other Federal agency."

They add, "The information contained herein should be attributed to the Energy Information Administration and should not be construed as advocating or reflecting any policy position of the Department of Energy or any other organization.

In other words, the EIA has no one to supervise them and no one to answer to. No oversight whatsoever!

Yet, their report that comes out last can move oil and gas prices in a heartbeat with no follow-up reports coming out until next week!

They also have a secrecy clause saying that anyone who gives them data can not identified. Here's what it says:

Confidentiality--The information reported on the weekly price survey Forms EIA-878 and EIA-888 is considered confidential in accordance with the Confidential Information Protection and Statistical Efficiency Act of 2002 (P.L. 107-347) and the information will be used solely for statistical purposes. Instructions to the forms include the following: “The information you provide will be used for statistical purposes only. In accordance with the Confidential Information Protection provisions of Title 5, Subtitle A, Public Law 107-347 and other applicable Federal laws, your responses will be kept confidential and will not be disclosed in identifiable form to anyone other than employees or agents without your consent. By law, every EIA employee, as well as every agent has taken an oath and is subject to a jail term, a fine of up to $250,000, or both if he or she discloses ANY identifiable information about you.”

No shit! Anyone can lie their butts off and they are quaranteed protection. This is indeed an inviation to lie like a dog!

CHK crashed after this report hit yesterday and no one can do anything about it because it is all their opinion and their soucres are confidential and this is all establish by law!

They can screw us in a heartbeat and laugh in our face!

I wonder what Donald Trump is gonna say about this bit of protected government fraud?

Ref: Any PDF file on this page: https://www.eia.gov/pressroom/testimony.cfm