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US Crude Oil Storage Report

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@yokoyi - 2 hours ago - Fundamental Analysis

The United States Energy Information Administration (EIA) releases this report every week to inform the public on how much crude oil is held in storage locations in the United States. I will be posting the report here once it is released, followed by a snapshot of how the market reacted to the storage report.

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@yokoyi - 2 hours ago

The last EIA oil storage report was released on the 8th of July by 3:30 pm UTC + 1 and it came out bearish (hence the red font)

The report is considered bearish because the amount of oil in storage was forecasted to drop by 1.9 million barrels rather it increased by 2.9 million barrels. More oil in storage means demand is low and hence the price of oil could be expected to fall (all things being equal).

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@yokoyi - 2 hours ago
Quoted - yokoyi

The last EIA oil storage report was released on the 8th of July by 3:30 pm UTC + 1 and it came out bearish (hence the red font)

The report is considered bearish because the amount of oil in storage was forecasted to drop by 1.9 million barrels rather it increased by 2.9 million barrels. More oil in storage means demand is low and hence the price of oil could be expected to fall (all things being equal).

This was the market's bearish reaction to the July 8 weekly crude oil storage data release. The drop in price wasn't instant but after about an hour the price started falling

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