A private survey of US oil inventories shows crude stocks fell 2.09 million barrels in the week ended October 2, while gasoline stocks dropped and distillates rose. The figures arrive ahead of the official government report due Wednesday morning.
A privately surveyed count of US oil stocks points to a crude draw ahead of Wednesday's official data. Crude stocks fell by 2.09 million barrels in the week ended October 2, according to sources cited by Reuters.
The same survey showed product stocks moving in opposite directions. Gasoline stocks fell by 1.37 million barrels, while distillate inventories rose by about 461,000 barrels compared with the prior week.
API and EIA measure the same market differently
Oil traders get two weekly readings of US crude oil and fuel stockpiles. The American Petroleum Institute (API) releases its figures first, usually Tuesday at 4:30pm Eastern time, based on voluntary reporting from member companies that covers a large share of US capacity but not all of it. The headline crude, gasoline, distillate and Cushing figures are widely reported within minutes of release, even though the full report is sold by subscription.
The Energy Information Administration (EIA) follows with its Weekly Petroleum Status Report, usually arriving Wednesday at 10:30am Eastern. Reporting to the EIA is mandatory for refiners, terminals, pipelines and other operators, and the data are free and public. Its report is also broader, covering domestic production, imports and exports, refinery utilization, implied product demand, and Strategic Petroleum Reserve levels.
Markets treat the two reports differently
Because the samples and methods differ, the two reports often disagree, sometimes by several million barrels and occasionally in direction — a large API build can be followed by an EIA draw, or the reverse. As a result, the API figures act as an early indicator that can move prices in thin after-hours trading and shape expectations, while the EIA numbers serve as the benchmark and generally drive the larger market reaction once they land against analyst forecasts.
Neither report is final: the EIA's weekly estimates are later reconciled against its more complete monthly data, and US holidays can push either release back by a day.
Source: investingLive
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