Crucial EIA Crude Oil Inventories Report on August 28, 2024: Key Economic Events to Watch
As traders gear up for a critical day in the financial markets, Wednesday, August 28, 2024, promises to be pivotal. The highlight of the day is the Energy Information Administration's (EIA) Crude Oil Inventories report, which is expected to shed light on U.S. oil demand. This report has the potential to significantly influence crude prices and inflation trends.
Major Economic Events to Watch
10:30 AM ET - EIA Crude Oil Inventories
- Description: Weekly change in commercial barrels held by U.S. firms.
- Previous Value: -4.649M
Other Important Economic Events
1:15 AM ET - Fed Waller Speaks
- Description: Federal Reserve Governor Christopher Waller's public remarks on monetary policy.
10:30 AM ET - EIA Weekly Cushing Oil Inventories
- Description: Change in crude oil storage at Cushing, Oklahoma.
- Previous Value: -0.560M
1:00 PM ET - 5-Year Note Auction
- Description: Treasury auction results indicating government borrowing costs.
- Previous Yield: 4.121%
6:00 PM ET - FOMC Member Bostic Speaks
- Description: Atlanta Fed President Raphael Bostic's comments on economic outlook.
Additional Economic Indicators
7:00 AM ET - MBA 30-Year Mortgage Rate
- Description: Fixed 30-year mortgage lending rates.
- Previous Value: 6.50%
7:00 AM ET - MBA Mortgage Applications
- Description: Weekly change in new mortgage applications.
- Previous Value: -10.1%
7:00 AM ET - MBA Purchase Index
- Description: Indicator of impending home sales.
- Previous Value: 130.6
7:00 AM ET - Mortgage Market Index
- Description: Overall mortgage application activity.
- Previous Value: 225.8
7:00 AM ET - Mortgage Refinance Index
- Description: Gauge of mortgage refinancing activity.
- Previous Value: 754.4
10:30 AM ET - Gasoline Inventories
- Description: Change in commercial gasoline inventory.
- Previous Value: -1.606M
10:30 AM ET - EIA Weekly Heatoil Stock
- Description: Change in inventory levels.
10:30 AM ET - EIA Weekly Crude Imports
- Description: Volume of crude oil imports.
- Previous Value: 0.078M
10:30 AM ET - EIA Weekly Distillates Stocks
- Description: Inventory levels of distillates.
- Previous Value: -3.312M
10:30 AM ET - EIA Refinery Crude Runs
- Description: Amount of crude processed by refineries.
- Previous Value: 0.222M
10:30 AM ET - EIA Weekly Refinery Utilization Rates
- Description: Percentage of refinery capacity in use.
- Previous Value: 0.8%
10:30 AM ET - EIA Weekly Gasoline Production
- Description: Volume of gasoline produced.
- Previous Value: 0.046M
10:30 AM ET - EIA Weekly Distillate Fuel Production
- Description: Volume of distillate fuel produced.
- Previous Value: 0.123M
For the latest updates and more detailed information, please refer to our Economic Calendar.
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Breakdown and Analysis
What is this about?
- Key Event: The EIA Crude Oil Inventories report for August 28, 2024.
- Significance: This report will provide insights into U.S. oil demand, which can influence crude oil prices and broader inflationary trends.
Why should you care?
- Impact on Oil Prices: A significant change in crude oil inventories can lead to fluctuations in oil prices, which in turn can affect everything from gas prices to heating costs.
- Inflation Trends: Changes in oil prices are closely monitored by economists as they can have a direct impact on inflation.
- Market Dynamics: Traders and investors closely watch these reports to make informed decisions. This can lead to increased market volatility.
How can it affect your finances?
- Fuel Costs: Variations in oil prices can directly affect how much you pay at the pump.
- Investment Decisions: If you have investments in energy stocks or commodities, the data can influence the value of your portfolio.
- Mortgage Rates: Economic indicators like the mortgage rate and mortgage applications can also provide insights into the housing market, which might affect your mortgage or home buying decisions.
By understanding these events and their potential impact, you can make more informed financial decisions, whether you're a trader, investor, or just someone keeping an eye on the economy.