The figures via oilprice.com on Twitter:
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The expectations I saw centered around:
- Global crude -1.1 million barrels
- Distillates -0.2 million barrels
- Gasoline -1.1 min
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This data point comes from a private survey conducted by the American Petroleum Institute (API).
- This is a survey of oil storage facilities and companies
- The official report is expected Wednesday morning US time.
The two reports are quite different. Official government data comes from the U.S. Energy Information Administration (EIA).
- It’s based on data from the Department of Energy and other government agencies.
- While information on total crude oil storage levels and changes from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on refinery inputs and outputs , as well as other important indicators of the state of the oil market. and storage levels for different grades of crude oil, such as light, medium and heavy.
- the EIA report is considered more accurate and comprehensive than the API investigation
This article was written by Eamonn Sheridan at www.forexlive.com.
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