EIA to Release Cushing Crude Oil Stocks Data Tomorrow

EIA to Release Cushing Crude Oil Stocks Data Tomorrow

EIA is due to release its weekly Crude Oil Stocks Change today at 15:30 GMT. Expect a 1.812 million barrel drawdown after last week’s 1.298 million barrel drawdown. This will impact West Texas Intermediate WTI crude oil prices as Cushing, Oklahoma, is a key delivery point for the US benchmark.

If the reported draw is more than expected it could be strong demand or tight supply which would put upward pressure on oil prices. If less than expected or an increase in storage it would be weak demand and could weigh on prices. But it will also depend on broader factors like geopolitics, global economic trends and currency movements.

Energy traders and analysts are likely to look into such data with a microscope for any implication on the market. A drawdown is expected to suggest better fundamental factors, but there is skepticism on this matter because of the unknown nature of demand forecast implications. On the other side, a build may signal short-term oversupply but might be offset by some external factors. This reaction can take some days for proper results that will depend on several variable market dynamics.

Will EU Inflation Steady at 2.3%?  CPI Report Arrives Tomorrow

Eurostat is set to release the Consumer Price Index (CPI) from the European Union on December 18, 2024, at 10:00 GMT. The Consumer Price Index is expected to remain at 2.3%, the same as the reading prior.

The consensus CPI reading would, if realized, imply that inflation has stabilized and 

could reinforce expectations of steady monetary policy from the European Central Bank. A surprise upside could, however, stoke fears of persistent upward pressures, perhaps forcing the ECB to retain or tighten the current policy stance. A lower-than-expected reading, though, may imply cooling inflation and could spark speculation about the easing of monetary conditions.

The result of the report may influence financial markets, such as currency valuation, bond yields, and investor sentiment, though its impact will likely depend on the broader economic context.