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What to Watch: US CPI and Oil Weekly Inventories

  • The latest Genscape European ARA crude inventories will be released today at 09:00GMT. Stocks have followed the seasonal trend higher in recent weeks but remain below the five year range at 55.15mbbls. The average for this time of year is 57.89mbbls.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. US inventories of crude, gasoline and distillates are expected to show small draws this week with an increase in refinery utilisation also expected according to a Bloomberg survey.
  • The US CPI data is expected at 08:30 ET. Higher than expected could raise the chance of further US rate hikes but lower could see a Fed pause priced in.

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