WTI Extends Losses After (Delayed) Inventory Data WTI Extends Losses After (Delayed) Inventory Data Firstly, we note that, for the first time that we can recall, the official data was delayed due to a delay in uploading data. We expect to post the #WeeklyPetroleumStatusReport at 11am EDT today. EIA (@EIAgov) July 14, 2021 The delay continued until 1130ET. This is highly unusual for a report that is so fundamental to oil market transparency. * * * After tagging 33-month highs yesterday, oil prices have been chaotic overnight as API inventory data mixed with reports and denials from UAE|OPEC over a deal have left WTI lower so far. However, even if a deal is done, timing will remain an issue. Even if OPEC decides to raise output in August, that crude will not reach refineries until after the August peak-demand period will be over, Ed Morse, head of commodities research at Citigroup Inc., said in an email. The next $1 one way or the other may be driven by the official inventory data, as industry watchers would consider APIs report of a nearly 5m bbl build in diesel bearish, if the U.S. government confirms it.