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Oil figures dominate economic calendar

8:12 AM 27 December 2019
  • US fuel inventories the main release this Friday
  • Otherwise the calendar is super-light
  • Year-end moves to dominate markets

A lot of economic reports were frontloaded this month due to holidays, meaning this week’s fairly light and that will continue this Friday with the oil data being the one to watch. Here’s the list for today:

8:30 am GMT – Retail sales in Sweden – not really a  big one, but markets will track Swedish data now that Riksbank left the negative-rates land

4:00pm GMT – US data on fuel inventories – the consensus technically shows a draw o 1.8mb of oil but the API report pointed at a massive draw of 7.9mb, causing prices to rally. Therefore, actual expectations must be much higher now

The API report pushed OIL.WTI prices sharply up on Thursday. Prices continue to rise towards the $63.30 resistance zone. Source: xStation5

6:00pm GMT – US data on oil active rigs (last week: 685) – we’ve seen bottoming out here, a rapid rise of active rigs would be a warning sign for oil bulls

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