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This is the reason oil spiked. The report always comes out the day before the EIA report and is issued at 4:30 ET.
From ZeroHedge: Against expectations of a 3.5mm build (following a small draw last week), API reports total crude oil inventories shockingly drew down by 3.3 million barrels. Meanwhile Cushing inventories also drew down (by 175k versus expectations for a 700k build and 523k build last week), but we note that Gasoline inventoriers rose (by 750k) for the 14th week in a row.
Depending on the platform you use contract roll was at lockout (1700 - 1800ET). ToS does it automatically, Sierra will (should) do it tonight (midnight) unless I make the change or turn off contract roll etc
There's a +2.32 difference between MAR (H) and APR (J) using yesterday settlement price
Indeed! API usually spins the report to the positive if possible, while EIA seems to just crunch the numbers. From a trading perspective, I don't really care, as long as it moves CL. On the other hand, holding a position into a report you don't know is coming isn't a great idea, unless you have a long-term perspective.