The Energy Information Administration is considering adding to its current methods for gathering and analyzing data, according to the administration’s “This Week in Petroleum” report, released on Jan. 27.

In addition to the factors EIA has historically tracked, such as production, consumption, inventories and spare capacity, EIA is interested in assessing other market influences like speculation, hedging, investment and exchange rates, the report states.

“Energy markets have developed in ways that were not anticipated at the time EIA’s information program was established,” the report says.

EIA is considering how to identify information about energy market behavior by looking at financial market data like physical oil assets, exchange-traded futures and options and behavior in over-the-counter markets for financially-settled swaps.

The EIA is also considering how market information could be obtained from other sources, federal and non-governmental sources alike.

The administration is contemplating the pros and cons for accelerating the release schedules or increasing the frequency of data collection and release.

Lastly, EIA is looking at whether customers would benefit from more detailed treatment of crude oil quality differentials in the pricing, landed cost, inventories and supply levels.

The administration posted a notice on the Federal Register today to seek public comments on these considerations for the next 60 days. Depending on what types of comments the EIA receives, it might seek further input from the Office of Management and Budget on potential changes.

The administration is weighing these possibilities in support of the Energy and Financial Markets Initiative, announced on Sept. 9, 2009, which was created to improve understanding and analysis of what drives energy prices.