What Is the EIA Petroleum Status Report?
The EIA Petroleum Status Report is published every Wednesday by the U.S. Energy Information Administration(EIA), an agency within the U.S. Department of Energy. It details the level of crude-oil reserves that the U.S. holds, as well as the amount of crude and related products it produces, both domestically and abroad.
Key Takeaways
- The EIA Petroleum Status Report is published every Wednesday by the U.S. Energy Information Administration(EIA).
- The EIA Petroleum Status Report detailsthe existing U.S. crude oil stocks and the inventory levels of refined petroleum products such as gasoline, heating oil, and diesel fuel.
- The EIA Petroleum Status Report can indicate crude-oil price trends since a rise in crude inventory can indicate lower demand, leading to a fall in oil prices and vice versa.
Understanding the EIA Petroleum Status Report
The EIA Petroleum Status Report detailsthe existing U.S. stocks of crude oil, as well as the inventory levels of refined petroleum products such as gasoline, heating oil, and diesel fuel. The main highlights section of the reportbreaks down crude-oil inputs to the refineries, the capacity utilization of those refineries, and the amount of new gasoline and distillate production.
Typically, the report also includes a table with the net imports, or total U.S. imports minus exports, of both crude and petroleum products. Also, the report details the per-gallon prices of West Texas Intermediate (WIT) crude, regular unleaded gasoline, No. 2 heating oil, and propane.
The price of crude is determined by supply and demand technicals, as is the case with other commodities. When reserves drop, prices will rise and vice versa. Therefore, the EIA Petroleum Status Report is a reflection of current crude-oil price trends. The writers of the report do not try to interpret the fundamental drivers of those trends.
Investment analysts and futures traders willstudy the report, and use its data to make projections regarding energy prices and production levels. Similarly, some analysts who work for energy companies will use the news to glean data from the report to help inform their long-term strategy and business decisions.The media also frequently uses the EIAreport in reporting about the energy industry and prices, which directly affect consumers, such as heating oil and gasoline.
Details of the EIA Petroleum Status Report
The U.S. Energy Information Administration makes the status report available from its website. Users may review the report using online tools, including analysis and projections by topics and data sorted by category. The full reportis available in PDF format and as anexportable Microsoft Excel and comma-separated-value (CSV) spreadsheet for further analysis.
- The EIA Petroleum Status Report highlights section provides production data for most line items on a trailing four-week basis. Likewise, the year-ago and previous-week comparisons also use trailing four-week figures.
- The basis for production data comes from theclosing pricesforthe specific day indicated.
- The tables within the report show weekly stocks or supply estimates for crude oil, motor gasoline, fuel ethanol, and petroleum products.The data can be further broken down by geographic region, as prices in New England can differ meaningfully from those in Alaska or the Lower Atlantic states.
- Further down in the report is a table with inventory and prices for oil-based products, which trade less frequently, including jet fuel, kerosene, and ultra-low sulfur diesel.
- The price section for crude oil, gasoline, and heating oil contains spot (or short-term) and futures pricing along with prices for jet fuel, propane, and diesel fuel.
- Lastly, the report provides monthly prices for retail gasoline and on-highway diesel fuel for the U.S., as well as by geographic region.
EIA Report vs. API Report
The American Petroleum Institute (API) is an organization founded in 1919 with the goal of supporting a strong U.S. oil and gas industry while promoting safety across the industry. The API serves U.S. companies involved in producing, processing, refining, and distributing energy products.
From its nearly 600 members, the API conducts research, collects data from members and non-members, and publishes their statistics and industry indicators within the Weekly Statistical Bulletin. The report contains data regarding supply and demand for energy products, imports, exports, costs, drilling activities, and well completions.
The API also helps develop and maintain over 700 standards and practices, many of which have been incorporated into local and federal regulations. The API acts as an advocate on behalf of the oil and natural gas industry to the Federal government, including Congress, the Executive Branch, and state governments.
The API also helps negotiate with regulatory agencies, including representing the industry in legal proceedings. The API's Weekly Statistical Bulletin is usually released on Tuesdays prior to the weekly EIA report.
The EIA is very similar to the API in that it's an independent organization that collects, analyzes, and publishes information about the U.S. oil and gas industry. The EIA publishes its Weekly Petroleum Status Report on Wednesdays. The report contains the level of inventories of crude oil and refined products as well as supply and demand data. However, the EIA does not actively lobby for any policy and regulatory changes, unlike the API.
EIA Report FAQs
What Time Is the EIA Report Released?
The EIA report is released after 10:30 a.m. on Wednesdays each week.
Why Is the EIA Report Important?
The EIA Petroleum Status Report is significant because it shows the price and inventory stock data for energy products such as crude oil. The EIA report is an important indicator of supply and demand in the oil and gas industry. For example, if crude stocks are rising, it might signal that oil demand is increasing, leading to higher prices.
Is the EIA Report Reliable?
The EIA report is widely regarded as a reliable indicator of supply and demand for the oil and gas industry. However, the report does not guarantee or predict that supply and demand or price trends will move one way or another.
