EIA Crude Oil Stocks Change to be Revealed Today

EIA Crude Oil Stocks Change to be Revealed Today

The weekly release of EIA Crude Oil Stocks Change will be watched by market analysts and participants, especially those who are related to the oil industry and those trading in the US dollar quotes. It will be disclosed by the US Energy Information Administration on Wednesday at 15:30 GMT. When there is a drop in the values of the indicator, it will have a positive impact on the oil barrel price, as it indicates a weaker demand for oil.

Now, the financial experts are estimating to have a decline of 3.716 M from 1.234M, as of the reports on 31st Jan 2024 at 15:30 GMT. EIA Crude Oil Stocks Change measures the number of barrels of commercial crude oil held by US companies. Since it is one of the indicators that impact the world oil prices, market participants who are associated with the energy sector of the market are suggested to stay updated about the changes in the readings of the indicator.

Fed Governor Bowman to Deliver Speech

Based on the sources from the Board of Governors of the Federal Reserve System, Michelle W.Bowman, the Governor of the Fed will be giving a speech on Wednesday at 19:00 GMT and the market participants who are trading in the US dollar quotes are recommended to make a note of the speech rhetoric. It is said that the statements made in the speech may impact the marker. Furthermore, a favourable impact could be felt on the American currency, when there is an intention to hike the interest rate at the next FOMC meeting.

The US to Release its Trade Balance

At 13:30 GMT on Wednesday, the Census Bureau will be releasing the Trade Balance. Market participants who are trading in the US dollar quotes are recommended to alert during the announcement of the indicator, which is estimated to be $-57.849 B by top economists. When the Trade Balance was released on 9th Jan 2024 at 13:30 GMT, it was found to be $-63.207 B.