API Crude Inventory Report

What the API report is

The report's formal name is the Weekly Statistical Bulletin (WSB). The API, the main trade association of the U.S. oil and gas industry, has published it since 1929, decades before the EIA existed. According to the API, the survey is voluntary and collects data from refiners, bulk terminals, pipelines and importers, both API members and non-members. It uses the same survey forms, definitions and deadlines as the EIA's weekly survey.

The API says its response rate is about 90%, depending on product and region, and that it estimates the remaining share using trend and seasonal methods. The full report is sold by subscription through LSEG and ICE. The headline numbers leak to news agencies within minutes, so most traders see them on news terminals or live blogs rather than in the bulletin itself.

API versus EIA: the main differences

The two surveys use the same forms, but the numbers often differ week to week. Reasons include different response rates, the timing of individual company submissions, and different estimates for non-reporting firms. The API says that in the first quarter of 2025 its crude, gasoline and distillate stock figures were within 1% of the EIA's in almost every week. A 1% difference on about 420 million barrels of crude is still around 4 million barrels, which is larger than many weekly changes. That is why the API and EIA sometimes report a draw and a build for the same week.

How traders use the API number

1. Setting expectations. Before Tuesday, analysts' consensus forecasts are the only guide. After 4:30 p.m., the API figure becomes the new reference point, and Wednesday's EIA data is judged against both.
2. After-hours trading. NYMEX WTI and ICE Brent futures trade almost around the clock, so the API headline can move WTI in the evening session. Liquidity is thinner then, which can exaggerate moves.
3. Cross-checking the categories. A large crude draw with a large gasoline build tells a different story than draws across the board. Traders read the full set of lines, not just crude.
4. Cushing. The API also reports stocks at Cushing, Oklahoma, the delivery point for WTI futures. When Cushing stocks are low, a surprise draw there can move the spread between the first two WTI futures months more than the outright price.

A worked example

Suppose analysts expect a crude draw of 2 million barrels. On Tuesday the API reports a draw of 5 million barrels, and WTI rises 50 cents after hours. On Wednesday the EIA reports a draw of 3 million barrels. The EIA figure beats the consensus but falls short of the API number, so the market may give back part of Tuesday evening's gain. The price reaction depends on the surprise against what traders already knew, not the size of the draw alone.

Reading the API report in 2026

With the 2026 disruption to Gulf exports through the Strait of Hormuz, U.S. crude and products were in demand as replacement supply, and weekly U.S. stock data drew more attention than usual. The government's figures for the week ending 2 October 2026 showed commercial crude stocks of 424.1 million barrels, 1% above the five-year average, while distillate stocks were 12% below it (EIA). In this kind of market, product lines, especially distillates, often matter as much as the crude headline. The step-by-step method for the government data is on the EIA inventory report page.