Oil survey of inventory shows a headline crude oil build much larger than expected

Huge building

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The expectations I saw focused on:

• Main crude +2.0 million barrels
• Distillates -1.9 million barrels
• Gasoline -1.1 million

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This data point is from a special survey conducted by the American Petroleum Institute (API).

• It is a study of oil storage facilities and companies
• The official report is scheduled to be released on 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 total crude oil storage levels and changes from the previous week’s levels is provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, 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 considered more accurate and comprehensive than the API survey.

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