Crude oil futures
November US crude oil (USO) (UCO) (UWT) futures contracts fell 0.62% to $50.98 per barrel in electronic trade at 2:11 AM EST on October 12, 2017. Oil prices fell due to the surprise build in US crude oil inventories reported by the API (American Petroleum Institute) the previous day.
The December 2017 E-Mini S&P 500 (SPY) futures contracts fell 0.07% to 2,551.3 in electronic trading at 2:11 AM EST on October 12, 2017.
API’s crude oil inventories
The API released its weekly crude oil inventory report on October 11, 2017. It estimates that US crude oil inventories rose by 3.09 MMbbls (million barrels) on September 29–October 6, 2017.
Previously, a Bloomberg survey estimated that US crude oil inventories would have fallen by 2.4 MMbbls last week. US crude oil (DWT) (UWT) prices pared the gains in post-settlement trade on October 11, 2017, due to the surprise build in US crude oil inventories, as reported by the API.
The API estimates that Cushing inventories rose by 1.21 MMbbls on September 29–October 6, 2017. A Bloomberg survey estimated that Cushing crude oil inventories would have risen by 1.8 MMbbls last week. A rise in Cushing oil inventories could have a negative impact on crude oil (USL) (OIL) prices.
EIA’s US crude oil inventories
The EIA (U.S. Energy Information Administration) will release its weekly crude oil inventory report at 11:00 AM EST on October 12, 2017. If the EIA reports a surprise build in US crude oil inventories like the API, it would pressure crude oil prices. If the EIA reports the larger-than-expected fall in US crude oil inventories, it would support oil (DTO) prices.
Next, we’ll focus on the API’s gasoline and distillate inventories data.