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.
Crude Oil Inventories: Prior -0.497M Exptd -2.869M Actual -0.046M
EIA Weekly Distilites stocks: Prior -4.237M Exptd -0.529M Actual 0.002M
Gasoline inventories: Prior 1.766M Exptd 0.028M Actual 3.003M
>> Negative Data For Crude Oil