Oil: Private survey of inventory shows a headline crude oil draw much larger than expected

2025-12-16 22:16:00

The data from a private telegram channel. It seems many of the oil folks have shut up shop for the holidays, hence the delay in getting this data to you.

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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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Its been an active morning here in Asia already, ICYMI:

• New Zealand Q3 current account deficit widens sharply, annual gap improves
• The miss may weigh on NZD short term, but the better-than-expected annual deficit limits downside and supports a more stable medium-term external outlook.

• Westpac pushes back on RBA hike calls, sees rates on hold through 2026
• The note challenges market pricing of renewed tightening and supports a flatter front-end rates profile, with downside risks to AUD if labour-market easing accelerates.
• In contrast to calls from Citi and NAB for two rate hikes in 2026, and CBA’s forecast for a February hike, Westpac sees the bar for further tightening as high and the next material policy move still pointing toward eventual easing in 2027.

This article was written by Eamonn Sheridan at investinglive.com.