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Discover everything you need to know about this important US data release, with our interactive widget below.
The EIA Crude Oil stockpiles report is a weekly measure of the change in the number of barrels in stock of crude oil and its derivates, and it’s released by the Energy Information Administration. This report tends to generate large price volatility, as oil prices impact on worldwide economies, affecting the most, commodity related currencies such as the Canadian dollar.
Despite it has a limited impact among currencies, this report tends to affect the price of oil itself, and, therefore, had a more notorious impact on WTI crude futures.
The report offers immediate insights into the balance of supply and demand in the U.S. oil market, which is the world’s largest consumer of oil. A significant change in crude stockpiles can indicate shifts in demand or disruptions in supply, influencing oil prices globally.
If the report shows a significant unexpected increase in crude oil stockpiles, it might suggest weaker demand or oversupply, leading to lower oil prices. Conversely, a significant decrease in stockpiles could indicate stronger demand or supply constraints, pushing prices higher.
The price of oil has far-reaching effects on currency values – countries that are net exporters of oil, such as Canada, can see their currencies strengthen with rising oil prices, while net importers may experience the opposite effect.
Since oil is a fundamental input for various industries, rising stockpiles might suggest slowing economic activity, while decreasing stockpiles could indicate an uptick in economic operations and energy consumption..
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