Crude oil inventories take center stage in Friday’s economic lineup

As traders approach another pivotal day for financial markets, Friday, December 27, 2024, brings a series of crucial economic data releases that could sway market dynamics. The spotlight falls on the EIA Crude Oil Inventories report, which is expected to provide insights into oil demand and potentially impact inflation trends. This key release will be accompanied by several other important economic indicators, setting the stage for a data-rich end to the trading week.

Major Economic Events to Watch

• 11:00 AM ET – EIA Crude Oil Inventories: Expected -0.700M, previous -0.934M. This weekly report measures changes in commercial crude oil stocks and can significantly influence petroleum product prices and inflation.

Other Important Economic Events to Watch

• 8:30 AM ET – Retail Inventories Ex Auto: Previous 0.1%. Measures the change in the total value of goods held in inventory by retailers, excluding automobiles.

• 8:30 AM ET – Goods Trade Balance: Forecast -$101.30B, previous -$98.26B. Indicates the difference in value between imported and exported goods.

• 8:30 AM ET – S&P/CS HPI Composite-20 n.s.a.: Previous 4.6%. Measures the change in selling prices of single-family homes in 20 metropolitan areas.

• 11:00 AM ET – EIA Weekly Cushing Oil Inventories: Previous 0.108M. Tracks crude oil storage levels at the key delivery point for oil futures.

• 1:00 PM ET – Baker Hughes (NASDAQ:) U.S. Rig Count: Serves as a leading indicator of demand for oil products.

• 1:00 PM ET – U.S. Baker Hughes Total (EPA:) Rig Count

• 3:30 PM ET – CFTC S&P 500 speculative positions: Previous -39.9K. Provides insight into market sentiment among speculative traders.

• 3:30 PM ET – CFTC speculative positions: Previous 36.1K

• 3:30 PM ET – CFTC Gold speculative positions: Previous 262.0K

• 3:30 PM ET – CFTC Crude Oil speculative positions: Previous 230.0K

Other Economic Events to Watch

• 8:30 AM ET – Wholesale Inventories: Forecast 0.1%, previous 0.2%. Measures the change in total value of goods held in inventory by wholesalers.

• 8:30 AM ET – S&P/CS HPI Composite-20 n.s.a.: Previous -0.4%. Tracks repeat sales of houses using a modified weighted-repeat sales methodology.

• 9:00 AM ET – S&P/CS HPI Composite – 20 s.a.: Previous 0.2%. Seasonally adjusted house price index reflecting average changes across the country.

• 10:30 AM ET – Natural Gas Storage: Previous -125B. Measures the change in held in underground storage.

• 11:00 AM ET – EIA Weekly Gasoline Production: Previous -0.173M

• 11:00 AM ET – EIA Weekly Distillate Fuel Production: Previous -0.135M

• 11:00 AM ET – Gasoline Inventories: Forecast -1.000M, previous 2.348M. Measures changes in commercial gasoline stocks.

• 11:00 AM ET – EIA Weekly Distillates Stocks: Forecast -0.700M, previous -3.180M. Reports inventory levels of U.S. distillates stocks.

• 11:00 AM ET – EIA Refinery Crude Runs: Previous -0.048M

• 11:00 AM ET – EIA Weekly Heatoil Stock: Previous -0.304M

• 11:00 AM ET – EIA Weekly Refinery Utilization Rates: Previous -0.6%

• 11:00 AM ET – EIA Weekly Crude Imports: Previous -1.131M

• 3:30 PM ET – CFTC Aluminium speculative net positions: Previous 2.5K

• 3:30 PM ET – CFTC speculative positions: Previous 5.9K

• 3:30 PM ET – CFTC Silver speculative positions: Previous 40.3K

• 3:30 PM ET – CFTC Natural Gas speculative positions: Previous -128.2K

• 3:30 PM ET – CFTC Wheat speculative positions: Previous -79.3K

• 3:30 PM ET – CFTC speculative positions: Previous 221.8K

• 3:30 PM ET – CFTC Soybeans speculative positions: Previous -109.3K

For further information and the latest updates, please refer to our Economic Calendar, here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.