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Oil – Private stock survey shows crude oil prices fall more than expected after big gain

by xyonent
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Oil Inventory Gasoline Distillate Stocks 05 June 2024 Id Fbf9e6ec Fd1c 4ddf Abaf 164e2f7e0928 Size975.jpg

From oilprice.com:

The expectations I saw were centered on the following:

  • Major Crude Oil -2.3 million barrels
  • Distillate +2.5 million barrels
  • Gasoline +2 million

The data comes from a confidential survey conducted by the American Petroleum Institute (API).

  • This is a study of oil tank farms and companies.
  • The official report is expected to be released Wednesday morning US time.

The two reports are quite different. The official government data comes from the US Energy Information Administration (EIA).

  • This is based on data from the Department of Energy and other government agencies.
  • While the API report provides both information on total crude oil storage levels and fluctuations from the previous week’s levels, the EIA report also provides statistics on refinery inputs and outputs, other key indicators of oil market conditions, and storage levels of various grades of crude oil such as light, medium, and heavy.
  • The EIA report is considered to be more accurate and comprehensive than the API study.

This article was written by Eamonn Sheridan from www.forexlive.com

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