Crude inventories are expected today at 10:30 AM EST. For the week ending April 16, U.S. commercial crude oil inventories had increased by 1.9 million barrelsfrom the previous week to 355.9 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.7 million barrels per day during this period, 135 thousand barrels per day below the previous week’s average. U.S. crude oil imports were averaging 9.6 million barrels per day, up 733 thousand barrels per day from the previous week.
The FOMC Policy Statement will be released today at 2:15 PM EST, which will conclude the 2 day meeting of the Board of Governors. The topic for discussion is the Fed’s Beige Book, which indicated that economic conditions had eased to a certain extent. All of the Federal Reserve Districts noted some increased activity or improvement in conditions, except St. Louis, which reported “softened” economic conditions. In the last policy statement released on March16, the FOMC had decided to maintain the federal funds target rate within a range of 0 to 0.25%.
Upcoming Releases
Crude Inventories (04/28 at 10:30 AM EST)
FOMC Policy Statement (04/28 at 2:15 PM EST)
Initial Claims (04/29 at 8:30 AM EST)
GDP-Q1 Advance (04/30 at 8:30 AM EST)
FOMC Policy Statement (04/28 at 2:15 PM EST)
Initial Claims (04/29 at 8:30 AM EST)
GDP-Q1 Advance (04/30 at 8:30 AM EST)
