With the recent closure of the Strait of Hormuz, many expected oil prices to spike and stay high. Instead, they have barely budged. The latest spike in prices is a mini spike. If these oil prices were adjusted for inflation, the spikes in the past would appear even higher.
Figure 1. Weekly average oil prices for West Texas Intermediate oil in a chart provided by EIA, with Iran conflict price spike circled. This is not a new problem. Looking at energy data going back to 1820, low demand (affordability) has repeatedly produced financial crashes,…
About the EIA Data
The U.S. Energy Information Administration (EIA) is the statistical and analytical arm of the U.S. Department of Energy, providing authoritative data on domestic and international energy markets. Its weekly petroleum status reports and monthly outlooks are benchmark references for industry participants globally.
EIA inventory reports covering crude oil, gasoline, and distillates are released each Wednesday and routinely influence intraday price movements, reflecting actual physical market balances at key U.S. storage and refining hubs.
What to Watch
Energy market participants will be parsing the full EIA data release for inventory changes, production rate updates, and implied demand figures that could shift near-term price expectations across petroleum markets.
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