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crude oil

The final EIA crude inventories report of the year is due today, Friday. The release is delayed this week due to the Christmas holidays and US markets being offline over Christmas day. As with all US holidays, key data releases are delayed. So instead of the typical Wednesday release, the EIA data will be published on Friday, at 4 PM GMT.

The latest EIA report released last week showed that US crude inventories were lower over the prior week by 1.1 million barrels. The crude market was higher in response to this release. This was unexpected given the API report earlier in the week which reported a build in US crude stocks.

This week’s API on Tuesday, however, surprised, recording a massive inventories draw that has not been seen since August. The API data called analysts’ estimates into question again.

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