Private oil survey of inventories data shows much bigger headline crude draw than expected

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Private oil survey of inventories data shows much bigger headline crude draw than expected

The inventory data from the private survey is out now, official data follows Thursday morning (US time).

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Expectations I had seen centred on:

• Headline crude -3.7mn barrels
• Distillates +0.6 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

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

Source: Private oil survey of inventories data shows much bigger headline crude draw than expected

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