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What to Watch: US CPI, Inventories & IEA / OPEC Oil Monthly Report

  • The latest EIA weekly gas inventories for the week ending 6 Oct will be released this afternoon at 15:30BST. The expectation is for a build of +86bcf according to a Bloomberg survey compared to a build of +86bcf last week and the seasonal normal of +101bcf.
  • The day delayed EIA weekly petroleum inventory data for the week to 6 Oct is due for release this afternoon at 16:00BST. EIA data is expected to show a crude draw in crude, gasoline and distillates stocks and another drop in refinery utilisation according to a Bloomberg survey. Cushing is also expected to show another draw.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were last week holding below normal at 1.915m mt compared to the five year average of 2.50m mt. ARA Gasoline stocks were last week still above the five year range high at 1.344m mt compared to the average of 1.075m mt for this time of year.
  • IEA are due to release the updated Oil Market Report at 10:00 CET followed by the OPEC Monthly Oil Market Report at 13:30 CET. The reports cover the major supply and demand issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year.
  • The US CPI data due at 08:30 ET is expected at 3.6% y/y from the prior 3.7%.

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