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 -5.3M Etpd -2.7M Actual -2.057M
EIA Weekly Distillates Stocks Prior 6.163M Etpd 0.651M Actual 0.839M
Gasoline Inventories Prior 1.25M Etpd -0.104M Actual -1.719M
>> Negative for Crude Oil. Enter in Sell Side on Rise Price.. Near 5100 – 5110 in OCT Contract