Private oil survey data shows a build for the headline crude number vs. draw expected - ForexLive
Private oil survey data shows a build for the headline crude number vs. draw expected | Forexlive
The inventory data from the private survey is out now, official data follows on Wednesday morning (US time).
Via Twitter:
Expectations I had seen centred on:
- Headline crude -1.9mn barrels
- Distillates +1.3 mn bbls
- Gasoline +0.2 mn
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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
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.