US Oil Data Revisions: Market Uncertainties

Recent revisions to U.S. oil consumption data by the U.S. Energy Information Administration (EIA) are sending shockwaves through the energy industry.
Traders and analysts, who rely on this data to guide their decisions, are observing major discrepancies between the weekly and monthly figures published by the EIA.
The EIA’s weekly data, although preliminary, are crucial for the market as they offer a quick view of consumption.
However, monthly updates, published with a two-month lag, are more detailed and generally more accurate.
Recently, the EIA published monthly figures showing oil consumption in May at record levels, at odds with weekly reports for the same period.