The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation. If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices.
API reported Tuesday that US Crude Stocks fell unexpectedly last week as Imports declined, Refinery Runs rose, Gasoline and Distillate Inventories also drew. Analysts are expectant with today’s data due 10.30 AM ET.