Time: 2:30 pm GMT, Morocco time: 3:30 hours, Egypt time: 5:30 hours, Saudi time: 6:30 hours, Emirates time: 7:30 hours
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US Crude Oil Inventories Index?
The US Crude Oil Inventories Index is a weekly economic indicator that provides information on the amount of crude oil stored in the United States. The index is produced by the Energy Information Administration (EIA), an independent agency of the US federal government that collects, analyzes, and publishes information on energy-related topics.
The US Crude Oil Inventories measures the weekly change in the amount of crude oil stored in commercial facilities across the United States. The index includes data on both domestic and imported crude oil, as well as crude oil that is transported to refineries or other facilities.
It is worth noting that the Crude Oil Inventories report is one of the main factors affecting oil prices in global markets, and is used by investors and traders in the oil market to determine their expectations for future demand and supplies.
If the US Crude Oil Inventories report indicates that inventories rose less than expected, this means that the amount of crude oil stored in warehouses and refineries has increased, but not at the same pace that analysts had expected.
This report could have a significant impact on oil prices in global markets, as a smaller-than-expected rise in inventories may increase demand for oil and reduce available supply, which could lead to higher prices. Conversely, if inventories have risen more than expected, this may lead to lower prices due to more supply available in the markets.
How does the US Crude Oil Inventories Index affect the trading of the US dollar in the forex market?
The US Crude Oil Inventories Index is a report published by the US Energy Information Administration (EIA) on a weekly basis, which provides information on the amount of crude oil in stock by trading companies in the United States. Traders closely watch the report in the forex market as it can have an impact on the supply and demand dynamics of Crude Oil, which in turn can affect the value of the US dollar.
The US dollar is often viewed as a safe haven currency, which means that investors tend to buy it during times of uncertainty or market volatility. Since Crude Oil is a major commodity used in the global economy, fluctuations in its price can be a signal of economic instability or uncertainty, which may prompt investors to look for the relative safety of the US dollar.
If the US Crude Oil Inventories Index reports a larger-than-expected increase in Crude Oil Inventories, this could indicate that supply is outpacing demand, which could lead to downward pressure on the price of Crude Oil. This, in turn, could weaken the value of the US dollar as investors look for other safe haven currencies or assets. Conversely, if the index reports a larger-than-expected decline in Crude Oil Inventories, it could indicate that demand is outstripping supply, which could push up the price of Crude Oil and boost the value of the US dollar.
The authority responsible for issuing the US crude oil inventories index
The US Energy Information Administration (EIA) is the authority responsible for issuing the US Crude Oil Inventories Index. The Environmental Impact Assessment is an independent statistical and analytical agency within the US Department of Energy that is responsible for the collection, analysis, and dissemination of energy information to promote sound policymaking, effective markets, and public understanding of energy and its interaction with the economy and the environment.
The date of the release of the US crude oil inventories index
The US Energy Information Administration (EIA) releases the US Crude Oil Inventories on a weekly basis, usually on Wednesday
Next release
Jan 18, 2024
