Oil Storage Data - Taking Stock
Volatile prices and perceived problems with WTI as a benchmark have triggered renewed calls for weekly European stock data to supplement US data. An EC directive is currently being discussed, but not everyone is in favour of this, finds Rachel Morison
The release of weekly storage data on US crude markets is followed closely by oil derivatives traders and brokers and can trigger strong price movements if it differs from expectations.
The two data sets, released by the American Petroleum Institute (API) and the Energy Information Administration (EIA) - the statistical wing of the US Department of Energy - cover physical oil stocks in the US only, but traders of both US and European crude trade on the numbers. However, with questions hanging
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