What is inventory day in crude oil?
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.
How much oil inventory is there?
The IEA now estimates global crude oil inventories at 4.2 billion barrels, leaving another 1.2 billion barrels in effective spare capacity.
What time is API report today?
approximately 4:30 pm Eastern
API provides the timeliest reports of this data available anywhere. Except as otherwise noted in the schedules below, the weekly reports are scheduled for release every Tuesday afternoon at approximately 4:30 pm Eastern.
How much is a barrel of oil today?
The current price of WTI crude oil as of December 23, 2021 is 73.79 per barrel.
What is the forecast for crude oil prices?
Crude Oil Price Forecast: 2021, 2022 and Long Term to 2050. (13 May 2021) Brent crude oil prices will average $62.26 per barrel in 2021 and $60.74 per barrel in 2022 according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA).
What is the difference between IEA and EIA?
The IEA and the EIA both have very different, and less-bullish, outlooks. The net result, according to the EIA, is an increase in global oil inventories of 100 million barrels between the start of 2017 and the end of 2019, while the IEA data show them rising by 142 million barrels.
How does crude oil inventories affect USD?
When oil inventories go up, traders may question the demand for oil at the current price and immediately sell their positions, causing a price retreat. When oil inventories decline, traders can take this as a signal that demand is increasing, and they may buy back into the oil market, bidding up prices.
Is crude oil and petroleum the same thing?
Sometimes, petroleum and crude oil are used to mean the same thing, but petroleum itself is a broad range of petroleum products including crude oil itself. We use the term ‘petroleum products after crude oil is refined in a factory.
What are crude oil trading hours?
After hours crude oil futures trading are conducted via the GLOBEX internet-based trading platform beginning at 3:15 P.M. on Mondays through Thursdays and concluding at 9:30 A.M. the following day. On Sundays, the session begins at 6:00 P.M. All times are New York time.
What products come from crude oil refining?
Products made from crude oil. After crude oil is removed from the ground, it is sent to a refinery where different parts of the crude oil are separated into useable petroleum products. These petroleum products include gasoline, distillates such as diesel fuel and heating oil, jet fuel, petrochemical feedstocks, waxes, lubricating oils, and asphalt.
Can crude oil be sustained?
The case for exporting crude oil. Looking over the numbers, and knowing the way the North American oil market works, it’s becoming increasingly apparent to me that current US crude oil production cannot be sustained unless the Department of Commerce begins to permit exports beyond Canada.