API and EIA crude oil inventory? How they will affect oil prices?
What is API Crude Oil Inventory? API is…
1 The full name is American Petroleum Institute, which is a trade association of the American energy industry.
2 Weekly statistics up to the previous Friday are published on every Tuesday (sometimes Wednesday)
3 Contains the inventory, import and export data of a variety of crude oil products, among which the crude oil inventory change data is the most concerned
Although compared with API, they often pay more attention to the release of EIA. However, API is released earlier than EIA, so it is often used as a reference data. Therefore, crude oil investors cannot ignore the release of API data.
What is EIA crude oil inventories? EIA is…
1 the full name is U.S. Energy Information Administration
2 Official agency under the U.S. Department of Energy
3 Announced the crude oil inventories up to the previous Friday on every Wednesday
4 Contains the inventory, import and export data of a variety of crude oil products. Among them, the data on changes in crude oil inventories is the most concerned
EIA crude oil inventories have a significant impact on oil prices. When the data is released, oil prices will fluctuate greatly.
How exactly will changes in API and EIA data affect oil prices?
Actually, when crude oil inventories rise, it means that the crude oil market has been oversupplied in the past week, which will lead to a bearish in the market; on the contrary, if the inventory shows a decline, it means that the crude oil market demand has increased, and the market will be bullish on crude oil prices.
Therefore, if novice investors want to invest in the crude oil market, they can pay attention to the simplest API and EIA crude oil inventory, and seize the opportunity to make profits!
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