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On October 10th, according to information released by the Houthi rebels in Yemen, the Saudi-led coalition launched an airstrike on Sanaa International Airport, the Houthi-controlled capital of Yemen, dropping four bombs on the afternoon of the 10th local time. In addition, the Saudi-led coalition also launched an airstrike on a communications facility in Hajjah province, also controlled by the Houthis, dropping three bombs. Saudi Arabia has not yet responded to these reports.On October 10, Russian Presidential Press Secretary Dmitry Peskov said that during his trip to Turkmenistan for the CIS Heads of State Council meeting and the Caspian Sea Eco Summit, Putin informed Iranian President Sergei Pezechzian that he would speak with Donald Trump. Following consultations with Pezechzian, Putin conveyed Irans proposals for resolving the conflict to Trump during his call with Trump on October 9. However, Peskov did not disclose the specific details of Irans proposals.According to the Palestinian National News Agency, Palestinian President Mahmoud Abbas issued a decree cancelling the Legislative Council elections originally scheduled for November 28, 2026, and rescheduling the presidential and Legislative Council elections for September 11, 2027.On October 10, the General Staff of the Armed Forces of Ukraine announced that Ukrainian troops had again attacked the Samara linear production dispatch station in Russias Samara region. The extent of the damage is still being assessed. The Ukrainian side stated that the station is a major hub for receiving, storing, and blending crude oil for Russia, playing a crucial role in ensuring the needs of the Russian military. Furthermore, the Ukrainian military confirmed that four storage tanks were destroyed and a large fire broke out during the attack on the station on October 7. Ukraine stated that such attacks are aimed at weakening Russias military and economic potential.Russia appoints governor: Four civilians have been killed in the Russian-controlled Luhansk region of Ukraine in the past 24 hours.

How to trade the EIA report?

LEO

Oct 25, 2021 13:27

Crude Oil Futures is not only an active market to trade but is also one of the most popular instruments available to day traders.

That makes trading Crude Oil and the crude oil inventory release, a wonderful opportunity for traders to make additional income or a stand alone income producing market.

What Does “Crude Oil Inventories” Mean?

Crude oil inventories refers to the amount of unrefined petroleum held in storage by governments and oil producers.  Supply and demand is important to understand as the more supply that keeps with demand, leads to lower prices. If demand begins to threaten supply levels, crude oil prices increase. 

When Is The Crude Oil Inventories Number Released?

The weekly EIA report release time is every Wednesday at 10:30 a.m. New York Time. This is an extremely volatile time to trade as the numbers represents the change in the number of barrels of Crude Oil held in reserve by commercial firms and the oil prices can jump which makes for some great trading action. 

What Is The EIA? 

The U.S. Energy Information Administration (EIA) collects, analyzes, and distributes independent and impartial energy information to which helps to promote sound policy making, efficient markets, and public understanding of energy and how it interacts with the economy and the environment.

 Why Is The Status Of Crude Oil Important?

Crude oil is a driver of price for many items given it is still the number one energy source in the world.  When the supply of crude oil goes down over the long term, we can expect the price of crude to increase which will increase the cost of virtually everything we buy.  If we see a higher supply of crude oil and demand is not keeping pace, the price goes down.

Crude oil prices affect the economy,  inflation rates, and even the currency exchange rate between the USDCAD pair.  

Crude Oil Price And Economy

How The Economy Is Affected By Crude Oil Prices?

As Stated, Oil Is An Energy Source Used To Produce/Deliver Virtually Everything We Have.  From Groceries To Housing, When Prices Increase Due To The Rise In Oil Prices, People Begin To Spend Less Money And The Economy Begins To Slow Down.  A Slowing Economy Can Lead To A Rise In Unemployment Which Leads To Less Consumer Spending.

Trading crude oil on these days after the release can able you to keep your trading day short and in profit as opposed to lengthy day trading sessions.



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