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EIA crude oil inventories hit, with expected decline narrowing to 1.565 million barrels

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Hello everyone, today XM Foreign Exchange will bring you "[XM official website]: EIA crude oil inventories data is eouu.cning, and the expected decline narrows to 1.565 million barrels". Hope it will be helpful to you! The original content is as follows:

XM: EIA crude oil inventories data is eouu.cning, and the expected decline narrows to 1.565 million barrels

XM Energy: The U.S. crude oil inventories will be announced at 22:30 today, with the previous value of 3.859 million barrels and the expected value of 1.565 million barrels. The U.S. crude oil inventories in Cushing, Oklahoma, were announced at the same time, with the previous value increasing by 213,000 barrels. eouu.cnmercial inventory data released by EIA institutions are the weather vane of the crude oil market. If crude oil inventories continue to drop sharply, it means that crude oil supply is in short supply and crude oil prices have momentum to rise. On the contrary, the continuous rise in crude oil inventories means that supply is oversupply and the probability of crude oil prices falling under pressure is high.

In the week from June 13 to July 4, the EIA crude oil inventory curve continued to rise, with the value rising from -11.473 million barrels to 7.07 million barrels. The continuous increase in inventory means that supply is oversupply and negatively impact crude oil trends. As expected, during this period, U.S. crude oil plummeted from a high of US$75.98 to a low of US$62.84, shocking the market. From this we can see that when EIA crude oil inventories show a unilateral trend for several consecutive weeks, the crude oil market will usher in big fluctuations.

EIA crude oil inventories fell from 7.07 million barrels to -3.859 million barrels in the week from July 4 to July 11. If inventories continue to decline in the week of July 18, even if the decline narrows, it means that the crude oil market inventory will decrease, and there are signs of supply exceeding demand, which will benefit the crude oil trend.

▲XM chart

EIA crude oil inventory reaction United StatesChanges in eouu.cnmercial inventory across the country, and crude oil inventory in Cushing, Oklahoma, reflect the changes in eouu.cnmercial inventory at the WTI crude oil delivery location. For traders who analyze WTI trends, the Cushing region's crude oil inventory curve is of great significance. The above figure shows the graph of crude oil inventory in Cushing for decades. In the long term, the top hits when the total inventory reaches about 50 million barrels, and bottoms when the total inventory reaches about 20 million barrels. Since May 2020, the inventory curve has moved from 50 million barrels to 20 million barrels, which means that from a long-term perspective, there is a situation of supply and demand in the U.S. crude oil. This is also the reason why U.S. crude oil can rebound from its lowest point in 2020 USD 6.5 to its current price around USD 65.

▲XM chart

From the trend structure perspective, at the daily level, US crude oil is in a medium-term bear trend, and there is no sign of bottoming out. The short-term trend line is shown in the figure above, and the market price is currently running near the trend line. If the trend line is effectively broken, U.S. crude oil may usher in a larger decline. The lowest point of the previous round of decline band exceeded the 0.618 quarter of the upward band, and the bulls' momentum was weak, so there was a possibility of a turnover. The green area is the high point of crude oil in May, and once U.S. crude oil enters a new round of downward trend, the area (near $63) may become short-term support.

XM risk warning, disclaimer, special statement: The market is risky, so be cautious when investing. The above content only represents the analyst's personal views and does not constitute any operational suggestions. Please do not regard this report as the sole reference. At different times, analysts' views may change and updates will not be notified separately.

The above content is all about "[XM official website]: EIA crude oil inventory data is eouu.cning, and the expected decline narrows to 1.565 million barrels". It was carefully eouu.cnpiled and edited by the editor of XM Forex. I hope it will be helpful to your trading! Thanks for the support!

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EIA crude oil inventories hit, with expected decline narrowing to 1.565 million barrels

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Trusted by over 15 Million Traders

The Most Awarded Brokerfor a Reason

Easy Access to 1,400+ Global Assets

XM Forex Trading Platform

CATEGORIES

News

market analysis

EIA crude oil inventories hit, with expected decline narrowing to 1.565 million barrels

Related News

The Most Awarded Broker
for a Reason