Economic calendar: Oil market data in the spotlight

Summary:

No major readings scheduled for today
API data may spur some volatility on the oil market
Donald Trump to make a TV address over the night

Economic calendar on Tuesday looks thin as the US government shutdown is causing some data releases to be postponed until federal funding is secure. In turn the US trade data that was due today will not be released. Investors will be offered a bunch of the European survey gauges at 10:00 am GMT. Industrial and services sentiment indices are both expected to deteriorate and slide to 2.9 pts and 12.3 pts respectively. The consumer confidence is forecasted to remain unchanged at -6.2 pts. However, one should keep in mind that this data seldom moves the market and it is likely that today will be no different. On the other hand, some price moves may occur on the oil market in the evening as the American Petroleum Institute (API) will release its oil stocks estimates. The agency is viewed to signal a 3.3 million barrel decline in the oil inventories. Last but not least, the US President Donald Trump will deliver a TV address at 9:00 pm ET (9 January, 2:00 am GMT). The President will speak about “national security crisis”.

Declines on the oil market seem to be contained for now. WTI (OIL.WTI) managed to halt declines at 23.6% Fibo level of the major slump started in mid-2014. However, unless buyers manage to break above $53 handle the outlook remains bearish. Source: xStation5

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Economic calendar: Oil market data in the spotlight

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