Via oilprice.com:
While the headline and distillates showed smaller builds than expected the gasoline build was much greater.
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Expectations I had seen centred on:
- Headline crude +2.39 mn barrels
- Distillates +1.75 mn bbls
- Gasoline +1.55 mn
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This data point is from a privately-conducted survey by the American Petroleum Institute (API).
- It’s a survey of oil storage facilities and companies
- The official government inventory report is due Wednesday morning US time.
The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)
- Its based on data from the Department of Energy and other government agencies
- Whereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.
- the EIA report is held to be more accurate and comprehensive than the survey from the API
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There are plenty of moving parts in oil markets right now, including a resurfacing of tensions amongst ostensible close allies:
From yesterday:
Saudi Arabia said it carried out strikes targeting weapons depots linked to the Southern Transitional Council (STC), a UAE-backed southern separatist faction seeking to restore an independent South Yemen along pre-1990 borders. According to Saudi officials, the weapons were delivered via two ships from Fujairah port in UAE, a claim that sharply escalates the political significance of the operation.
Any visible rupture between Riyadh and Abu Dhabi introduces a new layer of uncertainty for energy markets. Both countries sit at the heart of global oil supply chains, and rising intra-Gulf tensions risk inflating geopolitical risk premiums, particularly if disputes spill into maritime chokepoints or shipping logistics.
For now, the confrontation remains indirect.
This article was written by Eamonn Sheridan at investinglive.com.
