Private Survey of Oil Inventories Indicates Lower Crude Build Than Anticipated
Private Survey Reveals Smaller Crude Build
Expectations centered on:
- Headline crude -1.5mn barrels
- Distillates -0.6 mn bbls
- Gasoline -0.8 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 government data comes from the US Energy Information Administration (EIA) based on data from the Department of Energy and other government agencies. The EIA report offers comprehensive statistics on inputs and outputs from refineries, critical indicators, and storage levels for various grades of crude oil.
Key Differences Between API and EIA Reports
- API Report: Provides data on total crude oil storage levels, variations from previous weeks, and headline figures.
- EIA Report: Offers detailed statistics on refineries, critical market indicators, and storage levels for different grades of crude oil.
Conclusion: While the API survey is informative, the EIA report is considered more authoritative regarding the status of the oil market and storage levels.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.