Via oilprice.com on Twitter:
—
Expectations I had seen centred on:
- Headline crude -1.3mn barrels
- Distillates -1.4mn bbls
- Gasoline -0.5 mn
This information level is from a privately-conducted survey by the American Petroleum Institute (API).
- It’s a survey of oil storage services and firms
- The official report is due Wednesday morning US time.
The two reviews are fairly completely different.
The official authorities information comes from the US Energy Information Administration (EIA)
- Its based mostly on information from the Department of Energy and different authorities businesses
- Whereas info on whole crude oil storage ranges and variations from the earlier week’s ranges are each supplied by the API report, the EIA report additionally supplies statistics on inputs and outputs from refineries, in addition to different important indicators of the standing of the oil market, and storage ranges for numerous grades of crude oil, reminiscent of gentle, medium, and heavy.
- the EIA report is held to be extra correct and complete than the survey from the API
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