Weekly U.S. oil demand data by the Energy Information Administration (EIA) has been significantly overestimated compared to the final monthly oil demand, oil data analytics firm OilX said on Friday. "US weekly data significantly overestimated total monthly oil demand, not just in other oils, but also for road fuels," OilX said in a post on Twitter.
The weekly demand estimates in March already showed that recent demand strength has been easing off, according to the analytics company. "This may turn out even weaker if recent errors vs monthlies continue…U.S. Oil Demand Has Been Vastly Overestimated
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