WASHINGTON (Reuters) - The Energy Information Administration said on Thursday it is unaware of any investigation by federal market regulators of the agency's weekly report on oil inventory levels.
The Wall Street Journal reported on Thursday that the Commodity Futures Exchange Commission is investigating whether companies are reporting false oil inventory levels to benefit their trading positions. However, EIA spokesman Jonathan Cogan said the agency is unaware of any such probe.
"We have not received a request for data related to this," Cogan said of the CFTC.
He said his agency believes its weekly report is accurate. The EIA evaluates the information it receives from companies and will check on any suspicious data.
"If something looks anomalous in our weekly or monthly data, we'll flag it and we'll follow up and verify it is correct," Cogan said. "We have to reconcile all the numbers from the supply side and the demand side. All the components need to add up."
The Wall Street Journal, quoting people familiar with the probe, said the CFTC is taking testimony on periods when there have been big moves on the oil futures market, including July 2007.
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