- Prior was +8530K
- Gasoline -3213K vs -284K exp
- Distillates -4566K vs -1440K exp
- Refinery utilization +1.6% vs +0.4% exp
The huge swings in this report continue.
The API data from late yesterday showed:
- Crude -609K
- Gasoline -312K
- Distillates -1560K
WTI crude oil was up $1.46 to $66.65 per barrel. The market is focused on the possibility of an Iran war right now and seeing rising odds that it will take place. However this report certainly doesn't hurt the bullish sentiment.
The U.S. Energy Information Administration (EIA) releases its Weekly Petroleum Status Report every Wednesday (or Thursday like this week due to a holiday), providing a snapshot of crude oil and petroleum product inventories across the country. The report is one of the most closely watched indicators in energy markets, often triggering significant price movements in crude oil futures within moments of its release.
At its core, the report tracks changes in commercial crude oil stockpiles held at refineries, tank farms, and pipeline terminals, with particular attention paid to inventories at the Cushing, Oklahoma delivery hub — the settlement point for WTI futures contracts. A larger-than-expected build in inventories generally signals weaker demand or oversupply, putting downward pressure on prices, while an unexpected draw suggests tighter supply conditions and tends to support prices.
Beyond crude stocks, the report covers gasoline and distillate inventories, refinery utilization rates, and import and export volumes. Traders typically compare the EIA's figures against the American Petroleum Institute's data released the evening before, as well as analyst consensus forecasts.
The report serves as a vital barometer of U.S. energy supply and demand fundamentals, informing decisions made by traders, analysts, policymakers, and producers navigating the complex dynamics of global oil markets.
