Crude oil inventory data is reported by U.S. Energy Information Administration (EIA) every wednesday at 9:00 p.m. i.s.t. But if there’s a holiday in the U.S. they release it on thursday at 9:30 p.m. i.s.t. (this timings will change sometime in march due to daylight savings).
As per investing.com:
"The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected."
I personally avoid trading during news.
Below is an economic calendar that i find useful:
The importance of the event is shown by the no. of bull signs under column “imp”.