Forex News
- USD/JPY rebounds above 159.00 after testing weekly lows near 158.26.
- RSI trends lower toward 50, signaling weakening bullish momentum.
- Break above 159.50 targets 160.00 and 160.46 resistance levels.
The USD/JPY reclaims the 159.00 figure after reaching a weekly low of 158.26 amid mixed economic data in the US, strengthening the US Dollar, which rose to a two-day high of 98.29 according to the US Dollar Index (DXY). At the time of writing, the pair trades at 159.17, up 0.11%.
USD/JPY Price Forecast: Technical Outlook
The USD/JPY pair remains upwardly biased, but verbal intervention by Japanese authorities could prevent the pair from testing the 160.00 figure and the subsequent year-to-date (YTD) high at 160.46.
Worth noting that momentum remains bullish, according to the Relative Strength Index (RSI), but over the last sessions, it has been trending lower, about to cross below the index’s neutral level, hinting that sellers are stepping up.
However, if USD/JPY extends its gains past 159.50, a test of the 160.00 is on the cards. Once surpassed, the next area of interest would be the YTD high at 160.46, followed by July 10, 2024, at 161.81.
On the downside, the first support is 159.00, ahead of diving towards the day’s low of 158.26. Below this are the 50-day Simple Moving Average (SMA) at 157.61 and the 100-day SMA at 156.97.
USD/JPY Price Chart – Daily
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.10% | 0.19% | 0.03% | -0.30% | 0.11% | 0.39% | 0.16% | |
| EUR | -0.10% | 0.08% | -0.06% | -0.37% | 0.02% | 0.26% | 0.06% | |
| GBP | -0.19% | -0.08% | -0.13% | -0.50% | -0.08% | 0.16% | -0.03% | |
| JPY | -0.03% | 0.06% | 0.13% | -0.34% | 0.08% | 0.29% | 0.12% | |
| CAD | 0.30% | 0.37% | 0.50% | 0.34% | 0.41% | 0.66% | 0.47% | |
| AUD | -0.11% | -0.02% | 0.08% | -0.08% | -0.41% | 0.24% | 0.07% | |
| NZD | -0.39% | -0.26% | -0.16% | -0.29% | -0.66% | -0.24% | -0.20% | |
| CHF | -0.16% | -0.06% | 0.03% | -0.12% | -0.47% | -0.07% | 0.20% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
- NZD/USD trades near 0.5890 with a muted tone as safe-haven demand keeps the US dollar supported.
- Strait of Hormuz disruption and Iran’s proposed transit toll raise concerns over global supply chains, boosting USD strength.
- Fragile Israel–Lebanon ceasefire and ongoing uncertainty around US–Iran talks keep risk sentiment weak, weighing on the Kiwi.
The NZD/USD pair is trading with a muted tone around the 0.5890 area on Thursday, April 16, as the US Dollar (USD) continues to benefit from safe-haven flows driven by escalating geopolitical uncertainty and ongoing disruptions in global energy routes.
The Greenback remains strong as the Strait of Hormuz faces a “double blockage,” which only allows for partial tanker movement, providing limited relief. Iran's plan to impose a toll on transit set to be processed through its domestic banking system adds another layer of friction to global trade flows and raises concerns about prolonged supply constraints. Meanwhile, diplomatic progress is still elusive; talks between Washington and Tehran have not been confirmed, although US President Donald Trump suggested a potential meeting could occur over the weekend.
Geopolitical tensions in the Middle East are further complicated by recent developments. A 10-day ceasefire between Israel and Lebanon is set to begin later on Thursday, but its credibility remains fragile. Israeli Prime Minister Benjamin Netanyahu has confirmed that troops will remain in the South Lebanon buffer zone, while Hezbollah has warned that any continued Israeli presence justifies resistance. The group also emphasized that the ceasefire must not allow Israel operational freedom within Lebanon, indicating that the risks of renewed escalation are high.
Short-term technical analysis:
On the four-hour chart, NZD/USD trades at 0.5891, maintaining a modest bullish bias as it remains above the 100-period Simple Moving Average (SMA) at 0.5792 while consolidating just below nearby resistance levels. The 20-period SMA at 0.5897 now caps the upside alongside a dense band of horizontal barriers around 0.5892 and 0.5901, suggesting upside progress is slowing, although the Relative Strength Index (14) near 56 still hints at mildly constructive momentum rather than overbought conditions.
On the topside, immediate resistance is clustered at 0.5892, followed by the 20-period SMA at 0.5897; a sustained break above this zone would open the way toward 0.5965. On the downside, initial support emerges at 0.5887, ahead of a secondary floor at 0.5881, while a deeper pullback toward the 100-period SMA at 0.5792 would be needed to materially undermine the current constructive four-hour structure.
(The technical analysis of this story was written with the help of an AI tool.)
Commerzbank’s Volkmar Baur says China’s 5.0% growth, despite weak investment and retail sales, underscores reliance on external demand, keeping authorities wary of strong CNY appreciation. Beijing appears to allow only slight CNY gains versus the Dollar, balancing competitiveness and political pressure, and March data suggest state banks may have supported CNY. Commerzbank expects only slow CNY appreciation against USD.
Authorities manage controlled CNY gains
"While one might wonder how an economy can grow by 5.0% when investment is rising by 1.7% and retail sales are virtually stagnating on an inflation-adjusted basis, the implications for the CNY are relatively clear: the Chinese economy remains dependent on external demand- and thus on the performance of its exports - to generate economic growth."
"The government is therefore likely to remain keen to prevent the CNY from appreciating too sharply so as not to undermine competitiveness."
"On the other hand, the government wants to allow the CNY to appreciate slightly against the US dollar. This not only helps to somewhat alleviate international political pressure regarding high Chinese exports. The data from March also confirms this."
"With the onset of the Iran conflict, the CNY did not appreciate further against the US dollar in March. However, figures on the foreign assets of the major state-owned banks suggest that the government may well have even provided slight support to the CNY in March to prevent a depreciation."
"With the ceasefire in Iran and the current slight weakness of the USD, the appreciation of the CNY has resumed. For March, the decline in foreign assets by approximately 100 billion CNY in the Chinese banking sector suggests that a depreciation could very well have occurred. Looking ahead, we therefore continue to expect that the Chinese government will allow the CNY to appreciate only slowly against the USD."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
US Treasury Secretary Scott Bessent met with multiple world leaders this week, detailing the US' agenda of securing trade deals and policies aimed largely at reversing damage done through the first year of the Trump administration, specifically on earth minerals and general trade.
Key Bessent Highlights
Emphasized commitment to "Economic Fury" policy agenda during meeting with UK Chancellor Reeves.
Discussed critical minerals during meeting with Italian Economy Minister Giorgetti.
Reaffirmed 'strong alliance' between the US and Japan during meeting with Japan's Finance Minister.
- Australian Employment Change rose just 17.9K in March, missing the 20K consensus and well below February's 49.7K print.
- Markets remain fixated on the Iran conflict as the Strait of Hormuz closure and blockade raise fresh inflation risks.
AUD/USD snapped a three-day winning streak on Thursday, finishing nearly flat close to 0.7165 after failing to clear the 0.7200 handle earlier in the session. Price carved out a session high near 0.7200 before reversing in the North American afternoon, with the pair settling back into the broader consolidation zone that has defined recent price action. Candle structure points to hesitation at the 0.7200 round number, with small bodies and upper wicks signaling sellers defending the level.
Australian labor data provided little support for the Aussie, with Employment Change rising 17.9K in March against the 20K consensus, a sharp deceleration from February's 49.7K print. The unemployment rate held steady at 4.3%, while Consumer Inflation Expectations ticked up to 5.9% from 5.2%. The mixed report did little to shift the Reserve Bank of Australia (RBA) outlook but removed a potential tailwind for Aussie bulls ahead of a light Friday calendar.
On the US Dollar side, focus remains squarely on the Iran conflict that began with US-led strikes at the end of February. President Trump reiterated on Thursday that the US is close to securing a deal to end the conflict, alongside claims of a forthcoming Israel-Lebanon ceasefire, though markets are treating both with skepticism. The continued closure of the Strait of Hormuz, now including a US-backed blockade counterintuitively aimed at forcing its reopening, is raising fresh concerns that sustained supply disruption will feed into global inflation pressures in the weeks ahead.
AUD/USD 15-minute chart
Technical Analysis
In the fifteen-minute chart, AUD/USD trades at 0.7164, holding below today’s open at 0.7174, which keeps the near-term tone slightly capped despite the latest bounce. The elevated Stochastic RSI around 89 signals overbought intraday momentum, suggesting that upside attempts could struggle while price remains under the day’s opening level.
On the topside, initial resistance is aligned with the day’s open at 0.7174, and a sustained break above this hurdle would be needed to ease the immediate bearish pressure. On the downside, the lack of nearby mapped supports from moving averages or prior structural levels in this dataset leaves the pair vulnerable to a deeper pullback if buyers fail to defend the current area.
In the daily chart, AUD/USD trades at 0.7163, maintaining a constructive bullish bias as spot holds above both the 50-day exponential moving average (EMA) at 0.6995 and the 200-day EMA at 0.6770. The alignment of price well above these trend metrics hints at a sustained upside phase, although the Stochastic RSI at an overbought 96 suggests that bullish momentum is stretched and the pair could be vulnerable to a corrective pause or shallow pullback rather than an immediate continuation.
On the downside, initial support is seen at the 50-day EMA near 0.6995, with a deeper floor at the 200-day EMA around 0.6770 if selling accelerates. As long as AUD/USD holds above these moving averages, dips are likely to be treated as buying opportunities, while overbought momentum readings argue for cautious positioning on fresh longs at current levels.
(The technical analysis of this story was written with the help of an AI tool.)
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
Standard Chartered economists Jonathan Koh and Edward Lee now expect Bangko Sentral ng Pilipinas (BSP) to keep its policy rate at 4.25% in April, delaying a previously anticipated 25 bps hike to June. They still foresee one rate increase to safeguard price stability and have raised their 2026 Consumer Price Index (CPI) inflation forecast to 4.5% from 4.0% after higher March inflation.
BSP pause expected before single hike
"First, the central bank may be reluctant to tighten policy in response to a supply‑driven inflation shock, where monetary policy effectiveness is limited – this would be consistent with its decision to stay on hold at the off‑cycle March meeting."
"Second, despite March inflation (4.1%) exceeding its forecast range (3.1-3.9%), underlying demand‑side inflation pressures remain benign. Our estimate of seasonally adjusted m/m core inflation was in line with its typical upward trajectory, suggesting that pass-through from non‑core inflation remains contained."
"Third, BSP Governor Remolona’s recent remarks indicate scope for a pause, with policy decision at the moment guided by three key indicators: inflation expectations, core inflation, and prices faced by the bottom 30% of households. Inflation expectations remain anchored; core inflation continues to reflect subdued demand pressures; and inflation for the lowest‑income households in March (4.2% y/y) was broadly in line with headline inflation (4.1%)."
"That said, we do not remove our rate hike call. Inflation pass-through is likely to pick up in the coming months, supported by faster fiscal disbursements, eventual likely transport fare hikes, higher rice (and eventually restaurant) prices linked to fertiliser costs, and PHP‑driven imported inflation. These risks may begin to lift inflation expectations, prompting BSP to deliver a one‑off rate hike to safeguard price stability."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
TD Securities strategists highlight that China’s Q1 Gross Domestic Product (GDP) reached 5.0% year-on-year, at the top of the official target range, driven by strong exports and early bond quota usage. However, they underline soft retail sales, property-related weakness, higher unemployment and slowing export growth, suggesting current activity concerns overshadow the solid headline, with implications for the Yuan outlook.
Solid GDP contrasts with fragile demand
"Q1 GDP came in at 5.0% y/y (mkt 4.8%, prior 4.5%), the fastest pace in three quarters and at the top end of the 4.5% to 5% target range. Strong exports, +14.7% y/y in dollar terms over Q1 and the early release of the bond quota helped drive the headline beat."
"Industrial output rose 5.7% y/y (mkt 5.3%) on AI-related manufacturing however retail sales fell short of the mark, +1.7% y/y (mkt 2.4%). Clearly demand is an issue, especially in the property sector, with construction materials -9% y/y and furniture -8.7% y/y."
"Not helping matters is the survey jobless rate hitting the highest in a year at 5.4% (mkt 5.2%). With data released earlier this week showing export growth decelerating sharply from 22% in Jan/Feb to 2.5% y/y in Mar, a sign that the Middle East war is weighing on external demand, and signs the consumer is weak, it appears as though current activity is overshadowing the solid Q1 outcome."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
- Back-to-back doji candles reflect indecision near the key $81 resistance.
- Lower high and low pattern signals weakening bullish structure.
- Break below $76.94 exposes $73.36 and $70.00 support levels.
Silver (XAG/USD) loses 0.30% on Thursday, failing to clear a key resistance at $81.00 as the Greenback stages a comeback. At the time of writing, XAG/USD trades at $78.73 after hitting a daily high of $80.86.
XAG/USD Price Analysis: Technical Outlook
Silver registered a lower high and a lower low on Thursday, registering back-to-back doji candles, hinting at traders’ indecision of pushing prices higher. Momentum-wise, the Relative Strength Index (RSI) is bullish but has turned flat, an indication of consolidation.
For a bullish continuation, a decisive break above $81.00 is needed, allowing buyers to challenge the 2025 high at $83.75, followed by March’s 10-cycle high at $90.01. On further strength, bulls can test the March 2 peak at $96.39 ahead of the $100 mark.
On the other hand, if XAG/USD slides below the 100-day Simple Moving Average (SMA) of $76.94, expect a drop towards the 20-day SMA at $73.36, before the psychological $70.00 figure.
XAG/USD Price Chart – Daily
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
BNY's Geoff Yu highlights that South Korea, Taiwan and Japan have become key surplus providers to the U.S. as China’s exports to America declined. The Bank of Korea (BoK) warns the current supply shock could be more severe than 2022–2023, implying a potential swing from sizeable surpluses to deficits and a sharp reduction in capital outflows that previously supported global markets.
BoK flags deeper surplus reversal
"The sharp drop in exports from China to the U.S. (unadjusted for trans-shipments) has increased the share of surpluses generated by Japan, South Korea and Taiwan for the U.S. Against all trading partners, they stood at a combined $40bn in January, with the rolling three-month average surplus also hitting $30bn."
"The risk is that all of this could now move sharply into reverse. At the recent Bank of Korea (BoK) meeting, Governor Rhee Chang-yong, whose term ends this week, warned that the current shock would be even more severe than in 2022–2023. If this scenario is realized, the capital flow swing due to surpluses shifting into trade deficits across APAC would be material."
"Taking Governor Rhee at his word, if the deficit for South Korea and its peers is even worse than 2022, a maximum swing from $40bn in combined surpluses to more than $30bn in combined deficits would represent a single-month drop of $70bn in capital outflows (assuming full recycling). On a three-month rolling basis, the combined swing could reach $150bn (from a $30bn positive three-month average to -$20bn). Considering that the combined surplus drop for China, Taiwan and South Korea for intervention purposes already exceeded $100bn in March alone, a $150bn loss in recycling flow is not unrealistic."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Here is what you need to know on Friday, April 17:
The US Dollar Index (DXY) is trading near the 98.20 price region on a firm footing amid a complex geopolitical backdrop. The Strait of Hormuz remains partially blocked, with reports of a “double blockage” disrupting flows even as some tankers manage to pass. Iran’s proposal to impose a toll payable via its domestic banking system adds a new layer of uncertainty to global trade and energy markets. Meanwhile, diplomatic clarity remains elusive, with talks between Washington and Tehran still unconfirmed, although the United States (US) President Donald Trump hinted that a meeting could take place over the weekend.
A tentative 10-day ceasefire between Israel and Lebanon is set to begin on Thursday at 5:00 pm EST, but its credibility is already being questioned. Israeli Prime Minister Benjamin Netanyahu announced that forces will remain in the South Lebanon buffer zone. Meanwhile, Hezbollah indicated that any ongoing Israeli presence would justify their resistance to it. The group also cautioned that the ceasefire should not allow Israel operational freedom within Lebanon, underscoring the fragility of the agreement and maintaining elevated geopolitical risks.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.15% | 0.20% | 0.13% | -0.29% | 0.15% | 0.45% | 0.18% | |
| EUR | -0.15% | 0.05% | -0.02% | -0.42% | 0.00% | 0.27% | 0.03% | |
| GBP | -0.20% | -0.05% | -0.04% | -0.48% | -0.05% | 0.22% | -0.03% | |
| JPY | -0.13% | 0.02% | 0.04% | -0.43% | 0.04% | 0.27% | 0.05% | |
| CAD | 0.29% | 0.42% | 0.48% | 0.43% | 0.45% | 0.73% | 0.48% | |
| AUD | -0.15% | -0.01% | 0.05% | -0.04% | -0.45% | 0.26% | 0.05% | |
| NZD | -0.45% | -0.27% | -0.22% | -0.27% | -0.73% | -0.26% | -0.24% | |
| CHF | -0.18% | -0.03% | 0.03% | -0.05% | -0.48% | -0.05% | 0.24% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
EUR/USD is trading with a softer tone near the 1.1780 price region, standing down after eight straight days of gains as the US Dollar (USD) continues to draw support from safe-haven demand. Persistent geopolitical stress and uncertainty around energy flows keep downside pressure on the pair as traders remain cautious about the Eurozone’s exposure to external shocks.
GBP/USD is also under pressure, drifting lower near the 1.3530 level amid a stronger Greenback and a risk-averse market environment.
USD/JPY is edging higher near 159.10, supported by the firm USD and steady US yields. While the Japanese Yen retains some safe-haven appeal, it is being outpaced by the US Dollar’s strength, particularly as geopolitical tensions remain unresolved and energy risks linger.
AUD/USD is trading defensively near the 0.7160 price region, weighed down by deteriorating risk sentiment. The Australian Dollar (AUD), typically sensitive to global growth and commodity demand, remains on the back foot amid uncertainty over oil supply routes and Middle East developments, which clouds the outlook.
West Texas Intermediate (WTI) Oil is trading near $93.90 per barrel, firmer on the day as supply concerns stemming from the Hormuz disruption keep it afloat. The introduction of potential Iranian transit tolls and the lack of confirmed diplomatic progress continue to fuel upside risks, even as partial tanker movement prevents a full supply shock.
Gold (XAU/USD) is muted near $4,789 after benefiting from sustained safe-haven demand earlier in the day. Speculation about an ongoing ceasefire is deterring investors from safe havens.
What’s next in the docket:
Friday, April 17:
- US IMF Meeting
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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