Crude Oil Inventories (US)
Event Date: Friday, December 27, 2019
Event Time: 16:00 CET
Updated Wednesday, December 25, 2019
US Crude Oil inventories have been declining for five straight weeks. Last month, inventories were expected to decline again, although we saw a 1.9 million barrel buildup. That was a bit of a surprise after such a long period of draw-down for US Oil inventories. For last week they were supposed to increase again, by 0.6 million barrels, but they increased by a massive of 8 million barrels. Although, the effect on the CAD was minimal given the new NAFTA/USMCA trade agreement. Anyway, in the last several weeks oil inventories have been declining in the US, despite the economy slowing down, and this week they are expected to decline by 1.7 million barrels. Please follow us for coverage of this event live by experienced market analysts.
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About Crude Oil Inventories (US)
The Energy Information Administration (EIA) is an independent statistics bureau, tasked with the periodic measure of crude oil, natural gas, coal, and electricity supplies. The EIA Crude Oil stocks report quantifies the weekly change in the inventory of crude oil and derivative products. It is denominated in barrels and compared to the previous week’s report as well as industry estimates.EIA inventories have a significant influence upon the WTI crude oil markets, producing instantaneous volatility upon public release. While pricing of crude oil is denominated in U.S. dollars around the globe, the ongoing supply/demand relationship is the primary determinant of pricing. EIA inventories have a considerable impact upon the Canadian dollar and other commodity-driven currencies.WTI crude futures, as well as USOIL and UKOIL are particularly sensitive to the timing of the report. Investors look to the EIA inventories for guidance in forecasting the current supply/demand environment facing crude oil and the energy sector as a whole.