Friday , 22 November 2024
Home Forex Oil – private survey of inventory shows a larger headline crude oil draw than was expected
Forex

Oil – private survey of inventory shows a larger headline crude oil draw than was expected

The numbers via oilprice.com on Twitter:

Expectations I had seen centred on:

  • Headline crude -2.2 mn barrels
  • Distillates -0.6 mn bbls
  • Gasoline -1.4 mn

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

  • It’s a survey of oil storage facilities and companies
  • The official report is due Wednesday morning US time.

The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)

  • Its based on data from the Department of Energy and other government agencies
  • Whereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.
  • the EIA report is held to be more accurate and comprehensive than the survey from the API

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

USDCHF buyers take the price higher this week after basing at the 50% midpoint at 0.87989

The USD/CHF pair, after trading within a range of 0.8400 to 0.8550...

Dow Jones Industrial Average soars another 350 points

The Dow Jones Industrial Average (DJIA) has snapped its recent soft patch,...

GBP/USD Price Forecast: Stumbles and hovers around 1.2520, ahead of next week data

The Pound Sterling extends its losses against the Greenback for the third...

United States Baker Hughes US Oil Rig Count rose from previous 478 to 479

United States Baker Hughes US Oil Rig Count rose from previous 478 to...