Weekly oil inventory data from the EIA is due soon. The private survey showed a huge build

As a heads up the private (API) survey released Tuesday afternoon showed a much bigger build than was exp[ected:

• Oil – private survey of inventory shows a large headline crude oil build vs expectations

Coming up at 1030 US Eastern time (1530 GMT) is the data from the U.S. Energy Information Administration (EIA). The EIA publishes the Weekly Petroleum Status Report (WPSR) every Wednesday, providing a comprehensive overview of the nation’s petroleum supply and demand.

• This report includes data on crude oil and refined products such as gasoline and distillates, detailing production, imports, exports, and inventory levels.
• It serves as a crucial indicator for market participants, offering insights into supply dynamics and potential price movements.
• For instance, the report released on November 14, 2024, highlighted a 2.1 million barrel increase in U.S. crude oil inventories, while gasoline stocks decreased by 4.4 million barrels, reaching their lowest level since November 2022.

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