EST, it includes figures on gasoline inventories, as well as refinery utilization (but we will be ranking refinery utilization separately). Given some time, this report will reclaim the number one position. Their demand estimates are very comprehensive, but it is often thought that the current level of price may skew them up or down.ģ (previously 1): EIA Weekly Petroleum Status Report - This may surprise some people, but we are only referring to the level of weekly inventory draws or builds reported by the EIA (or U.S. Compliance with OPEC’s production quotas is now the single most important part of this report, as their demand estimates tend to show unusual strength versus other independent analysis. It is considered unbiased due to France’s low ranking in terms of oil production (71st in the world) but highly regarded as a source of balance to the often “bullish for price” OPEC report.Ĥ (previously 2): OPEC Monthly Oil Market Report - This report from OPEC is released monthly between the 12th and the 17th of each month, and has taken on a lower level of importance as we see U.S. It is often released very close to the monthly OPEC report, and the two can be looked at in tandem, providing checks and balances for the other. I dropped its ranking by one spot, mostly because we have just gotten a look at the most recent report.
I listed them in reverse order this time (least important to most important), with their previous rank in parentheses:ĥ (previously 4): International Energy Agency Oil Market Report - The monthly oil market report from Paris-based IEA contains independent information on supply, demand, crude oil stocks, prices and refinery activity throughout the oil-producing world. These market dynamics have given markets a bit of “supply anxiety.”ĭemand is also on the rise, although that rise has been uneven as a result of vaccination rates and Delta variant infections.Īs mentioned above, the importance of each piece of data varies with the current circumstances, so they are ranked in order of importance relative to their ability to impact prices. supply has lagged, OPEC has also indicated they will gradually start to increase supply. production is still recovering from the demand shock of the pandemic and delays from inclement weather. Market volatility is increasing, while U.S. One of the things that has changed since the last piece was the launch of Micro WTI Crude Oil futures from CME Group, which is one-tenth the size of the standard crude contract. With the recent spike in crude oil volatility, the circumstances have changed, and so have the rankings. I thought this might be valuable due to the fact that some of the most important data in the oil markets is released weekly and a breakdown of that data can be nuanced, given different circumstances.
For market participants trading Micro WTI Crude Oil futures, Bob Iaccino ranks the top five data points to consider.
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