EIA has moved to correct chronic underestimation of the size of US biofuel, crude oil and refined product exports in its weekly US consumption data sets, the agency said Wednesday. The switch to use near-real-time export data is likely to simultaneously reduce US fuel consumption estimates while improving the overall accuracy of the data relatively to monthly estimates, EIA said.
EIA previously relied on weely export estimates based on monthly official export data which the US Census Bureau publishes around six weeks after the end of each reporting month. The new reporting system should smooth the differences between EIA’s weekly data and its monthly updates.
The change reflects the growing importance of exports in the US biofuel and petroleum spectrum. Total exports of crude oil, petroleum products and biofuels have soared fivefold since 2004 to nearly 5mn b/d last year. During the first half of this year EIA’s weekly publications underestimated total crude oil, products and biofuel exports by 16% on average compared with monthly data.
MS – 31/08/2016