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 INVENTORY TIME – RELEASED at 09:30pm in INDIA …
DATA: Crude Oil Inventories Prior 3.57M Exptd -0.942M Actual -7.32M
EIA Weekly Distillates Stocks Prior 1.18M Exptd 2.61M Actual 3.81M
Gasoline Inventories Prior 1.30M Exptd 0.76M Actual 1.699M
Positive For Crude Oil
ACTUAL : -7.323 M >> PRICE WILL MOVE HIGHER WAY