Stay Updated on US Crude Oil Stocks and their Impact on Prices

Stay updated on U.S. crude oil stocks and their impact on prices

The U.S. Energy Information Administration (EIA) will release its Crude Oil Stocks Change report on November 20, 2024, at 15:30 GMT. The forecasted increase of 0.766 million barrels contrasts with the previous report’s 2.089 million barrels. The weekly change in commercial crude oil held by the U.S. is an essential indicator of market oil dynamics.

If this increase in crude oil stocks materializes, it could be a sign that there is a weakening in oil demand in the U.S. market. Pressure to downward oil prices could be compounded since higher inventories typically mean slower consumption. Yet, this may not affect global oil prices so much depending on several things, such as geopolitical events or a change in global supply and demand.

There is a good chance that market participants will be watching closely, but the result is far from certain. While increased crude stocks may indicate decreased demand, the net impact on oil prices will sort out amidst a complex constellation of influences in the markets.

ECB President Lagarde’s speech could impact euro trends.

On November 20, 2024, at 13:00 GMT, European Central Bank (ECB) President Christine Lagarde will deliver her much-anticipated speech. As the voice of the ECB, her remarks often signal the institution's official stance on monetary policy, which is closely scrutinized by market participants and analysts.

If Lagarde's words, still so vague concerning changes in future monetary policy, hint at new right-hand turns in the form of tightening or easing measures, it will affect market sentiment. Saying tighter policy would push the euro up a bit in the short run since more interest rate-yielding currencies attract better-return-seeking investors, but if there is a hermeneutic dovishness in her words - rate cuts ahead and continuing easing- the euro could see its price drop.

On the other hand, the drop in euro is uncertain. Even though changes in expectations for ECB policy have already altered the markets, external factors like data and geopolitical events are expected to further influence market reactions to her speech by Lagarde.