American Petroleum Institute making adjustments in light of new federal reporting guides

The American Petroleum Institute (API) is working to maintain the utility of its Weekly Statistical Bulletin (WSB) in light of a U.S. Energy Information Administration (EIA) decision to remove crude oil lease stocks from its total commercial crude inventory data.

“API is working to ensure the transition to EIA’s new reporting requirements is as smooth as possible for our customers, and we are notifying our subscribers on EIA’s adjustment to their reporting requirements,” Hazem Arafa, director of API's statistics department, said. “Both API and EIA publish estimates every week, with subscribers to API’s weekly statistical report receiving the latest inventory data the afternoon prior to the EIA’s weekly statistical report.”

The API’s WSB is based on voluntary reporting from companies who send the institute the same surveys they send to the EIA. The API will be generating adjusted historical data to ensure that customers' analytic work is not adversely impacted by the change in reporting.

“API will get ahead of EIA’s reporting changes and provide adjusted historical data to our subscribers that meet the agency’s new guidelines and help analysts continue their work,” Arafa said. “This data will be provided well ahead of the EIA’s announced date as an added benefit to our clients who rely on that historical information for crude inventory data, forward-looking reports and timely market analysis.”