As traders approach another pivotal day for financial markets, Wednesday, November 6, 2024, brings a series of crucial economic data releases that could sway market dynamics. The spotlight falls on the Energy Information Administration's (EIA) Crude Oil Inventories report, which is expected to provide valuable insights into U.S. oil demand and potentially impact crude prices and inflation trends.
Major Economic Events to Watch
• 10:30 AM ET - EIA Crude Oil Inventories: Expected to show a 1.800M barrel increase, compared to the previous -0.515M decrease. This report measures the weekly change in commercial crude oil held by U.S. firms and can significantly influence petroleum prices and inflation.
Other Important Economic Events to Watch
• 1:00 PM ET - 30-Year Bond Auction: The previous auction yielded 4.389%. This event provides insights into long-term government borrowing costs and investor demand for U.S. debt.
• 10:30 AM ET - EIA Weekly Cushing Oil Inventories: Previous reading was 0.681M. This report focuses on storage levels at a key delivery point for U.S. crude oil benchmarks.
Other Economic Events to Watch
• 7:00 AM ET - MBA Mortgage Applications: Previous reading was -0.1%. This indicator measures changes in new mortgage application volumes.
• 7:00 AM ET - MBA 30-Year Mortgage Rate: Previous rate was 6.73%. This data point reflects fixed 30-year mortgage lending rates.
• 7:00 AM ET - MBA Purchase Index: Previous reading was 137.8. This index tracks mortgage applications for single-family home purchases.
• 7:00 AM ET - Mortgage Market Index: Previous reading was 214.5. This comprehensive index covers all mortgage applications during the week.
• 7:00 AM ET - Mortgage Refinance Index: Previous reading was 630.0. This index is the primary gauge of mortgage refinancing activity.
• 10:30 AM ET - EIA Weekly Distillate Fuel Production: Previous change was -0.148M.
• 10:30 AM ET - EIA Weekly Gasoline Production: Previous change was -0.259M.
• 10:30 AM ET - Gasoline Inventories: Expected to show a -1.650M change, compared to the previous -2.707M. This report measures changes in commercial gasoline inventory levels.
• 10:30 AM ET - EIA Weekly Distillates Stocks: Forecast at -1.500M, compared to the previous -0.977M. This report provides an overview of U.S. petroleum demand.
• 10:30 AM ET - EIA Refinery Crude Runs: Previous change was -0.031M.
• 10:30 AM ET - EIA Weekly Heatoil Stock: Previous change was 0.571M.
• 10:30 AM ET - EIA Weekly Refinery Utilization Rates: Previous change was -0.4%.
• 10:30 AM ET - EIA Weekly Crude Imports: Previous change was -0.605M.
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.