The EIA Weekly Petroleum Status Report

The single most-watched weekly oil market data release — what's in it, when it releases, and how traders read it

The Weekly Petroleum Status Report is published each Wednesday by the U.S. Energy Information Administration (EIA). It is the single most market-moving regular data release in the global oil market — more so than monthly EIA production data, more so than the Friday Baker Hughes rig count, and more so than most international data releases. Within seconds of the 10:30 a.m. Eastern Time release, WTI and Brent prices respond to the inventory numbers reported in the release, sometimes moving $1 to $3 per barrel on surprise prints.

Understanding the report is essential for anyone tracking oil markets. The data series has substantial idiosyncrasies — measurement adjustments, holiday-affected releases, and methodological quirks — that experienced market participants account for and that newer participants can misinterpret. This page covers the report's structure, the key data points, the release schedule and dynamics, and how to read the numbers in their proper context.

The Release Schedule

The standard release schedule is:

The 10:30 a.m. release timing has been one of the most consistent features of U.S. oil market structure for decades. Trading desks worldwide schedule activity around the release, with substantial volume traded in the minutes immediately following.

The release is preceded by the American Petroleum Institute (API) weekly statistics release on Tuesday afternoon at 4:30 p.m. Eastern (when oil markets are closed). The API data is privately collected from member companies, less comprehensive than the EIA report, and not directly comparable methodologically. Markets often respond to the API release in anticipation of similar EIA prints, but the EIA data is the authoritative release.

The Core Data Points

The report contains dozens of data series. The most market-moving are:

U.S. commercial crude inventory. The total stock of crude oil held in commercial storage (excluding the Strategic Petroleum Reserve). Changes are reported in thousands of barrels per day or millions of barrels per week. The week-over-week change is the headline number. Crude inventory draws are bullish for prices; builds are bearish.

Cushing crude inventory. Crude oil stocks specifically at the Cushing, Oklahoma storage hub — the physical delivery point for NYMEX WTI futures. Cushing stocks affect the WTI-Brent spread independently of broader U.S. balance. Falling Cushing stocks tend to narrow the spread (support WTI); rising Cushing stocks tend to widen the spread (depress WTI).

U.S. gasoline inventory. Total gasoline stocks by region. Changes affect RBOB pricing and the gasoline crack spread. Builds during peak summer driving season are particularly bearish; draws during shoulder seasons signal underlying demand strength.

U.S. distillate fuel oil inventory. Total distillate (diesel/heating oil) stocks. The most-watched product inventory after gasoline, particularly during winter heating season and during periods of strong industrial activity.

U.S. crude production. Weekly estimate of U.S. crude oil production. This is a less precise data point than monthly production data, but it's the only weekly production estimate available and provides early signals of production trends.

Refinery utilization. Percentage of refining capacity actively running. Typically in the 85-95% range during normal operations, with seasonal variation. Surging utilization tightens product supply; falling utilization (often signaling maintenance turnarounds or unplanned outages) tightens product supply differently — by reducing crude intake while product draws continue.

Crude oil imports and exports. Weekly U.S. crude flows. Export volumes are particularly closely watched as a signal of WTI's global competitiveness.

Product imports and exports. Weekly gasoline, distillate, and other product flows.

SPR inventory. Stocks held in the Strategic Petroleum Reserve, reported separately from commercial stocks.

How to Read a Release

When the report releases, market participants typically scan several specific numbers in defined order:

1. Crude inventory change. Headline number compared against survey expectations (typically from Bloomberg or Reuters consensus polls of analysts). A surprise relative to expectations moves the price more than the absolute change.

2. Cushing crude. Particularly important for WTI-Brent spread positioning.

3. Gasoline inventory change. Particularly important during driving season (May-September).

4. Distillate inventory change. Particularly important during winter heating season (November-February).

5. Refinery utilization. Direction of change and absolute level.

6. U.S. crude production. Trend in weekly production estimate.

7. Net imports/exports. Crude trade flow dynamics.

Each of these data points can move prices independently if it surprises sufficiently. A "bullish" release typically combines crude and product draws; a "bearish" release combines crude and product builds; mixed releases produce more nuanced price responses depending on which subcomponents surprised most.

Common Misinterpretations

Several common interpretive errors affect new readers of the report:

Confusing changes with absolute levels. A crude inventory build does not necessarily indicate oversupply if absolute inventory levels remain below seasonal norms. The five-year inventory comparison range provided in the report shows where current stocks sit relative to historical seasonal patterns.

Ignoring the adjustment factor. The report includes a balancing item called the "adjustment" or "unaccounted for crude" that captures statistical residuals. Large adjustment values affect the practical interpretation of headline figures.

Confusing imports with available supply. Crude imports represent gross inflows; net trade flow requires subtracting exports. The U.S. shifted from net importer to net exporter status in 2020, making net trade flows materially different from gross import data.

Misreading SPR changes. The 2022-2023 SPR releases were specifically logged and produced large headline SPR draws that did not represent commercial inventory dynamics. Reading SPR changes as commercial signal can mislead.

Weather and holiday distortions. Hurricane season, severe winter storms, and major holidays produce inventory reports with substantial distortions that don't represent underlying trends.

Seasonal Patterns

The weekly inventory data exhibits strong seasonal patterns that experienced analysts internalize:

Crude builds in spring (March-April). Refineries enter maintenance turnarounds, reducing crude intake while crude supply continues, producing inventory builds. Reading spring builds as bearish without seasonal context misreads the data.

Crude draws in summer (June-August). Peak refinery utilization on strong summer driving demand draws inventories. Summer builds (when expected to be draws) are particularly bearish signals.

Crude builds in fall (September-October). Second maintenance turnaround period.

Crude draws in winter (December-January). Tax-related inventory destocking as producers minimize end-of-year ad valorem tax exposure.

Gasoline draws in summer. Peak driving demand consumes inventory.

Gasoline builds in fall and winter. Weak driving demand allows inventory accumulation.

Distillate draws in winter. Heating demand consumes Northeast U.S. distillate inventory.

Distillate builds in summer. Refiners build distillate inventory ahead of heating season.

The Five-Year Range

The EIA report includes a graphical representation of current inventories versus the five-year minimum, maximum, and average for the same calendar week in prior years. This "five-year range" is one of the most useful contextualizing tools in the report. Current inventories above the five-year maximum signal substantial oversupply relative to historical norms; below the five-year minimum signal substantial scarcity.

Markets respond not just to weekly changes but to changes in the position within the five-year range. Inventories declining from above-range to within-range have different implications than inventories declining from within-range to below-range.

The EIA Petroleum Status Report in One Sentence

The Weekly Petroleum Status Report — released every Wednesday at 10:30 a.m. Eastern by the EIA — is the single most market-moving regular oil data release globally, reporting U.S. crude and product inventories, Cushing stocks, refinery utilization, and trade flows that drive both absolute crude prices and the relative pricing of products, spreads, and the WTI-Brent differential.

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