The ISM Services Index increased to 50.5 in January and was expected to increase to 50.9 in January after rising to 50.1 in December, following a drop to 48.7 in November. The index’s complement, the ISM Manufacturing Index rose to 58.4 on Monday’s release after increasing to 55.9 in December.
Crude inventories are expected today at 10:30 AM EST. For the week ending January 22, U.S. commercial crude oil inventories had decreased by 3.9 million barrels from the previous week to 326.7 million barrels and were just above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 13.6 million barrels per day during this period, 200 thousand barrels per day below the previous week’s average. U.S. crude oil imports were averaging 7.9 million barrels per day, down 673 thousand barrels per day from the previous week.
Upcoming Releases
Crude Inventories (02/03 at 10:30 AM EST)
Initial Claims (02/04 at 8:30 AM EST)
Non-Farm Productivity (02/04 at 8:30 AM EST)
