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What to Watch: FOMC and EIA

ENERGY
  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Data last week showed stock levels holding just above the five year average despite falling in recent weeks to 55.56mbbl and compared to the five year average for this time of year of 54.7mbbls.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a small draw in crude stocks with a small build in both gasoline and distillates and a drop in refinery utilisation according to a Bloomberg survey.
  • The US Fed rate decision is expected at 19:00BST with the central bank widely expected to leave rates unchanged but a hawkish forecast or press conference could weigh on prices.

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