Why Traders Are Tracking the API’s Crude Oil Inventories
Crude oil futures
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API’s crude oil inventories
On July 5, 2017, the API (American Petroleum Institute) will release its weekly crude oil inventory report. Read Will API and US Crude Oil Inventories Drive Prices Higher? for details on the previous report.
A market survey estimates that US crude oil inventories fell by 2.83 MMbbls (million barrels) on June 23–30, 2017. Likewise, gasoline inventories might have fallen by 0.5 MMbbls during the same period. However, market surveys estimate that US distillates inventories rose by 0.36 MMbbls on June 23–30, 2017.
EIA’s crude oil inventories
The EIA (U.S. Energy Information Administration) will release its weekly crude oil inventory at 10:30 AM EST on July 6, 2017. The EIA usually releases the report on Wednesday. However, the US Independence Day holiday on July 4, 2017, led to the change. For details on the previous report, read US Crude Oil Inventories Rose for the Second Time in 10 Weeks.
US crude oil inventories have fallen 5% from the peak. Inventories have also fallen by 23.1 MMbbls in the last ten weeks. The expectation of a fall in US crude oil and gasoline inventories could support oil and gasoline prices.
In the next part of this series, we’ll analyze how OPEC’s crude oil production and exports impact crude oil prices.