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The EIA Weekly Petroleum Status Report is the most watched regular data release in the oil market. Prices can react to the release, but the direction and size of any move depend on the full report and other market news. This guide explains what the EIA Weekly Petroleum Status Report covers, where to find the key tables, which numbers traders focus on, and how to read a “build” or a “draw” without overreacting.
What is the Weekly Petroleum Status Report?
The U.S. Energy Information Administration (EIA) publishes the report every week on its Weekly Petroleum Status Report page. It covers U.S. crude oil and refined product supply: inventories, production, imports, exports and refinery activity. The data come from surveys of companies that store, refine, import and move petroleum, and the EIA publishes them within days of the week they describe.
According to the EIA’s release schedule, the summary and main data tables go online after 10:30 a.m. Eastern on Wednesday, with the full set of files following that afternoon. Holiday weeks can push the release back a day.
Where to look first
The report is large, but most of the market reaction comes from a handful of lines. If you open it for the first time:
- Start with the Summary of Weekly Petroleum Data, a one-page text overview that states the week’s crude and product stock changes in plain language.
- Open Table 1, U.S. Petroleum Balance Sheet, for the headline inventory changes, production, imports and refinery inputs side by side with the prior week.
- Check the Cushing, Oklahoma line within the crude stocks section.
- Look at product supplied, which is the EIA’s proxy for demand.
Regional and product-grade tables can explain a change hidden by the national total. Choose the extra tables that relate to the market you are studying rather than assuming one headline tells the whole story.
The key numbers
| Number | What it shows |
|---|---|
| Commercial crude inventories | Crude held in storage, excluding the Strategic Petroleum Reserve |
| Cushing, Oklahoma stocks | Crude at the WTI futures delivery hub |
| Gasoline inventories | Stocks of motor gasoline |
| Distillate inventories | Diesel and heating oil stocks |
| Refinery utilization | How hard U.S. refineries are running |
| Crude production, imports and exports | Flows in and out of the U.S. system |
| Product supplied | Petroleum products leaving the primary supply system, used as a demand proxy |
| Strategic Petroleum Reserve (SPR) | Government emergency stocks, reported separately |
Builds and draws
A build means inventories rose over the week. A draw means they fell.
- A bigger-than-expected build suggests supply is outpacing demand. That tends to weigh on prices.
- A bigger-than-expected draw suggests demand is outpacing supply. That tends to support prices.
As with most market data, the reaction depends on expectations. Analysts publish estimates before the release, and private industry estimates may be available before the EIA release. Record the source and timestamp of any estimate you use, because different surveys need not cover the same sample or agree.
A worked example
Suppose, hypothetically, that analysts expected crude stocks to fall by one million barrels and the EIA reports a draw of three million. On its own, that is a bullish surprise. But say the same report shows gasoline stocks rising by four million barrels and distillates by two million, with refinery runs up sharply. Now the picture changes: refineries pulled crude out of storage and turned it into products that nobody has bought yet. The crude draw was a refining story, not a demand story. Traders who read only the first line would have missed that.
Why Cushing gets special attention
Cushing, Oklahoma is the delivery point for NYMEX WTI crude futures. As a result, stocks there have a direct link to WTI pricing. Very low Cushing inventories can signal tight physical supply and support near-term WTI prices relative to later months. The EIA has also tracked how Cushing stock levels relate to the Brent-WTI spread.
A stock total alone does not describe how readily oil can move through the hub. Avoid assigning a precise operational minimum without a dated, specialist source covering the facilities involved.
The “adjustment” line and other quirks
The balance sheet includes an adjustment figure, sometimes called unaccounted-for crude, which reconciles the difference between measured supply and measured disposition. A large adjustment is a reason to read the methodology and avoid attributing the entire balance to one measured flow; it does not identify which estimate is wrong.
Two other quirks catch beginners out. Weekly production is an estimate that is later revised in the EIA’s monthly data, and exports can swing widely from week to week depending on tanker timing. Compare several weeks before deciding that a change in shipment timing represents a persistent shift in supply.
Seasonal patterns to know
- Spring and autumn refinery maintenance. Refineries run less, so crude stocks tend to build and product stocks tend to fall.
- Summer driving season. Gasoline demand typically peaks, and gasoline draws are common.
- Winter. Distillate (heating oil and diesel) demand is more sensitive to weather, and cold snaps can produce large draws.
- Changing comparison periods. Holidays, disruptions and unusual economic periods can make a historical range harder to interpret. Check which years the displayed comparison includes.
Because of these patterns, a build in March tells you little by itself. Comparing the week with the five-year average range for that same week, which the EIA charts in the report, puts it in context.
Reading the report sensibly
- Compare with expectations, not just last week’s number.
- Look at the full picture. A crude draw alongside big gasoline and distillate builds sends a mixed message.
- Check the season. Inventories naturally rise and fall at certain times of year. Comparing with the five-year average for that week puts the number in context.
- Watch refinery runs. Refinery maintenance or outages can change crude and product stocks temporarily.
- Add crude and products together. Total petroleum stocks, excluding the SPR, smooth out the week-to-week shuffle between crude and products.
- Don’t overweight one week. Weekly data can be noisy. Trends across several weeks are more meaningful.
How the report fits with other data
The weekly report focuses on the U.S. For the global picture, traders also follow OPEC+ decisions, the EIA’s monthly Short-Term Energy Outlook and international agency reports. Natural gas has its own weekly storage report, with its own release calendar.
Oil futures are leveraged and especially volatile on report days. For the basics, read our guide to crude oil trading basics.
Common mistakes
- Trading the API number as if it were the EIA number. Compare their scope and reporting period rather than treating them as interchangeable readings.
- Ignoring the SPR. Government releases or purchases change total stocks without saying anything about commercial supply and demand. Keep the two separate.
- Reading a draw as demand. Exports, lower imports and refinery runs can all pull crude out of storage with no change in consumption.
- Chasing the first move. The initial move can reverse as more information is absorbed. A first reaction is not a reliable forecast of the closing price.
Frequently asked questions
When is the EIA oil inventory report released?
Usually Wednesday at 10:30 a.m. Eastern, delayed a day in some holiday weeks.
What’s the difference between the API and EIA reports?
The API report is a private industry survey. The EIA report is government statistical data. Their samples and estimates can differ; check each provider’s current release schedule rather than assuming an identical result.
Does a crude draw always push prices up?
No. The reaction depends on expectations, product inventories and other news. A draw that was smaller than expected can even weigh on prices.
Is the weekly report free?
Yes. The EIA publishes the full report, tables and historical data on its website at no cost.
Putting the information to use
The EIA Weekly Petroleum Status Report rewards readers who look past the first line. Check crude, products, Cushing and refinery runs together, compare each number with expectations and the seasonal norm, and treat any single week as one point in a trend. Do that consistently and the Wednesday release becomes a useful read on the U.S. oil balance rather than a weekly source of surprises.
Trading commodities involves risk. Past performance does not guarantee future results. This article is for education only and is not financial advice.
