EIA Crude Oil Stocks Change comes in at 0.095M against 5.39M consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
The latest EIA Crude Oil Stocks Change report, released today, showed a build of 0.095M barrels. This figure came in significantly below the market consensus expectation of 5.39M barrels, representing a -98.2% surprise against forecasts. The previous reading for crude oil stocks was 4.405M barrels.
Following the release, market reaction has been mixed. AUDUSD moved +3.1 pips, EURUSD +4.8 pips, GBPUSD +7.1 pips, NZDUSD +2.0 pips, USDCAD -5.0 pips, USDCHF -0.1 pips, and USDJPY -4.6 pips in the 15 minutes after the data. These moves are generally smaller than the median 1-hour moves observed after past releases, which typically range from 6 to 11 pips for these pairs. XAUUSD, however, saw a more pronounced move of +47 pips, which is above its median 1-hour move of 22 pips and consistent with its top-quarter releases move of 46+ pips.