What the EIA report is
The EIA (US Energy Information Administration) is a US government agency that publishes energy statistics. Its main weekly release for traders is the Weekly Petroleum Status Report, usually called "the EIA report". It covers US crude oil inventories (stocks held in storage), refinery activity, imports, exports and product stocks such as gasoline and distillates.
Crude oil inventories are the headline figure. The report shows how much US commercial crude stocks changed compared with the previous week. A build means stocks rose. A draw means stocks fell.
The EIA normally publishes the report midweek on a fixed schedule. US public holidays can move the release. Check the EIA release schedule on the official EIA site or in an economic calendar for the current week's date and time.
- The price of a country's main export rises: oil, metals or farm goods.
- The country earns more foreign currency from its exports.
- Its trade balance and growth outlook improve.
- The exporter's currency tends to rise with the commodity; importing countries face higher costs.
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API vs EIA
The API (American Petroleum Institute) is an industry group. It publishes its own weekly inventory estimate, usually the evening before the EIA report.
| API | EIA | |
|---|---|---|
| Publisher | Industry association | US government agency |
| Timing | Usually the day before the EIA | Midweek, official schedule |
| Data source | Voluntary reports from member companies | Mandatory surveys of operators |
| Access | Summary figures reported by news services | Full report free on the EIA site |
| Market weight | Early signal | Reference figure |
The API figure often moves prices after US hours, which is during the early morning in Pakistan. The EIA figure is treated as the official number. The two can differ, sometimes in direction. When they do, the market usually gives more weight to the EIA.
What moves the market
Prices react to the surprise, not to the raw number. Before each release, analysts publish a consensus forecast for the change in crude stocks. The market compares the actual figure with that forecast. See economic surprises for how this works in general.
The usual pattern:
- Larger draw than expected: points to tighter supply or stronger demand. This tends to support crude prices such as WTI.
- Larger build than expected: points to weaker demand or more supply. This tends to weigh on prices.
- Figure in line with consensus: often a small reaction.
Experienced traders also read beyond the headline:
- Gasoline and distillate stocks: a crude draw with large product builds can send a mixed signal.
- Cushing, Oklahoma stocks: this is the delivery point for WTI futures, so changes there can matter for WTI in particular.
- Refinery utilisation: high refinery runs can explain a crude draw without any change in end demand.
- Imports and exports: these can swing weekly crude figures.
- Production estimate: shows the supply trend in US output.
The reaction is not guaranteed. Wider forces often dominate on a given week, such as OPEC+ decisions, geopolitical events or the US dollar. For the full picture, see what moves oil.
Effects beyond oil
Oil moves can spill into other markets:
- Commodity currencies such as the Canadian dollar can react to large oil moves.
- Oil feeds into inflation expectations. See oil and inflation.
- Energy shares within stock indices may respond.
Using the data responsibly
Take figures only from the official EIA publication or a reliable calendar that cites it. Do not rely on reposted screenshots or social media summaries, because they can be wrong or out of date.
Spreads often widen and prices can jump in the moments around the release. Stop orders may fill at a worse price than set. Leveraged CFD trading on oil can lose money fast, and news releases make this more likely. Read risk management before trading around any data release. For how oil CFDs work in general, see energies.
Frequent questions
What is the EIA crude oil inventory figure?
It is the weekly change in US commercial crude oil stocks, published by the US Energy Information Administration in its Weekly Petroleum Status Report.
Is the API report the same as the EIA report?
No. The API is an industry group that releases its own estimate earlier. The EIA is the government agency, and its figure is treated as official.
When is the EIA report released?
It follows a fixed midweek schedule that can change around US holidays. Check the official EIA schedule or an economic calendar for the current date and time.
Does a draw in crude stocks always raise oil prices?
No. Prices react to the gap between the actual figure and expectations. Product stocks, refinery data and other news can outweigh the headline.
Where can I learn more about reading this kind of data?
Start with fundamental analysis and the economic calendar guide. For positioning data in oil futures, see the COT report.
