When oil traders began obsessing earlier this year about U.S. crude production, analysts were quick to sound alarms . Market participants have been eager to discern whether the country’s oil output has peaked. Last year’s swoon in oil prices prompted companies to sharply cut spending, and new drilling for oil in the U.S. has plummeted. Traders began parsing U.S. Energy Information Administration reports for clues, and previously little-noticed week-to-week changes in production began moving the market. But analysts warned the market shouldn’t rely too heavily on the weekly figures, which are largely based on a forecasting model. Wait for the monthly reports, they said. But be wary of the monthly reports too, because they can and will be revised. Thursday offered a case in point. The first March data to be released showed average monthly U.S. crude production at 9.5 million barrels a day, the highest level since 1972 […]