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Data from U.S. Energy Information Administration. Forecasts by Sigmanomics Forecast Engine.
United StatesUS API Weekly Crude Oil Stock fell to -7.13M in October 2017
U.S. Energy Information AdministrationWeeklyReleased October 2017
US API Weekly Crude Oil Stock fell to -7.13M in October 2017, down 10.23M from September's 3.1M reading. The reading missed the -4.2M consensus by 2.93M. The print is running well below the 12-month average of -0.09M.
Latest Release
-7.13
Actual
-4.2
Consensus
3.097
Previous
Median Absolute Error
±3.37 million
across last 4 releases
Last Call
Oct 2017
Predicted: -4.67
Actual: -7.13
Error: +2.46
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| S&P 500 | ▲ Direct | +0.50 | INDEX | Bullish Stocks | → View |
| EUR/USD | ▼ Inverse | −0.45 | FOREX | Bearish EUR | → View |
| USD/JPY | ▲ Direct | +0.40 | FOREX | Bullish USD | → View |
| XAU/USD | ▼ Inverse | −0.35 | COMMODITIES | Bearish Gold | → View |
| BTC/USD | ▲ Direct | +0.30 | CRYPTO | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
API Weekly Crude Oil Stock (United States) was reported at -6.36 million in November 2017. The reading fell from the previous value of 6.51 million. This is classified as a high-impact indicator released on a weekly basis.
WHY IT MATTERS
The trailing three releases averaged -0.47 million, up from the prior three at -3.90 million.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with S&P 500 (Bullish Stocks). A secondary relationship exists with EUR/USD, negatively correlated (Bearish EUR).
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Philadelphia Fed Manufacturing Index (Jun 18) and Initial Jobless Claims (Jun 18).
Auto-generated from current model state · Refreshes on each release · Last update November 2017.
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API Weekly Crude Oil Stock - US
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About API Weekly Crude Oil Stock — United States
DEFINITION
API Weekly Crude Oil Stock is a key financial indicator that measures the amount of crude oil held in inventory by the American Petroleum Institute (API) on a weekly basis. This data is closely monitored by investors, analysts, and industry experts as it provides valuable insights into the current supply and demand dynamics of the oil market. Fluctuations in API Weekly Crude Oil Stock can impact the price of crude oil and have a ripple effect on the global economy. As such, it is an important tool for decision-making in the energy sector and beyond.
WHY THIS INDICATOR MATTERS
Energy-supply and inventory data shape commodity-curve positioning and feed through to headline inflation and consumer-discretionary spending. Surprises against consensus typically move rates and currencies on release. Released weekly.
WHAT CHANGED THIS MONTH
Latest reading (Nov 2017): actual -6.356 M. Prior reading (Nov 2017): 6.513 M. Before that (Nov 2017): -1.562 M.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bullish Stocks, r=0.50) — a useful reference for index-focused traders.