Oil – private survey of inventory shows a headline crude oil draw vs. build expected

Figures via oilprice.com on Twitter:

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The predictions I saw focused on:

• Crude oil rises by 1.0 million barrels
• Distillates +0.3 million barrels
• Gasoline -0.1 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. The 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.

This article was written by Eamonn Sheridan on www.forexlive.com.