It is the most important scheduled event in the oil market. The report gives crude inventories nationally and at cushing, gasoline and distillate stocks, refinery utilisation, imports and implied demand. Crude futures routinely move 1-3% in the seconds after release.
A private industry estimate is published the previous afternoon, which means the market has usually already moved once before the official number. The gap between the two releases is a classic trap for traders who see the first number and assume the second will confirm it.
Example: consensus expects a 2.0 million barrel crude build; the report shows a 4.5 million barrel draw with Cushing down 1.8 million. Front-month WTI jumps $1.60, or $1,600 per contract, within a minute.
Related: cl, cushing, natural-gas-storage-report, economic-calendar, volatility