EIA crude oil inventory increase or decrease will have any impact on the dollar exchange rate?
Changes in crude oil inventories actually reflect the attitude of the U.S. government on oil prices. If the strategic crude oil inventories increased significantly, indicating that the U.S. government recognized the oil price, it will increase the strategic inventory of crude oil resources, thereby increasing the supply and demand contradiction led to rising oil prices. Vice versa。 Therefore, the difference between EIA crude oil inventories and OPEC crude oil inventories for the dollar is that the impact of EIA on the dollar exchange rate is more direct, but also greater impact.
When crude oil inventories increased, indicating that excess supply of crude oil on the market, resulting in oil prices fell, the dollar rose, gold fell.When crude oil inventories decreased, indicating strong demand for crude oil on the market, leading to rising oil prices, the dollar fell, gold rose.
Crude oil price fluctuations keep raw oil storage data impact. EIA crude inventories oil (excluding the Petroleum Reserve Strategic). U.S. Energy Information Association (EIA) is the U.S. Department of energy under the energy information agency, is an official body, and now the market's traders and the international authority of the energy advisory bodies are using EIA inventory data.
