Figures via oilprice.com on Twitter:
The U.S. Energy Information Administration’s estimates, due out tomorrow at 10:30 a.m., show:
- Crude oil inventories down -2.265 million barrels
- Gasoline inventories down -1.587 million
- Distillates down -1.083 million
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This data point is taken from a special survey conducted by the American Petroleum Institute (API).
- It is a survey of oil storage facilities and companies.
- The official report is scheduled to be released Wednesday morning US time.
The two reports are completely different.
Official government data comes from the US Energy Information Administration (EIA).
- This is based on data from the Department of Energy and other government agencies.
- While information on overall crude oil storage levels and differences from the previous week’s levels is provided by the API report, the EIA report also provides statistics on refinery inputs and outputs, as well as other important indicators of the state of the oil market, and storage levels for different grades of crude oil, such as light, medium and heavy.
- The EIA report is more accurate and comprehensive than the survey conducted by the American Petroleum Institute.
West Texas Intermediate crude oil is trading at $75.82. The high today was $77.44. The low was $75.43. Technically, the price remains below its 200-day moving average at $77.80. Staying below its 200-day moving average keeps the sellers in the game – and in control – at least from a daily chart perspective.