Economic Events: (GMT)
15:30 USD Natural Gas Storage -95.00B
The Energy Information Administration (EIA) Natural Gas Storage report measures the change in the number of cubic feet of natural gas held in underground storage during the past week.
While this is a U.S. indicator it tends to have a greater impact on the Canadian dollar, due to Canada’s sizable energy sector.
16:00 USD Crude Oil Inventories 5.00M
The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
16:00 USD Gasoline Inventories 3.60M
Gasoline Inventories measures the change in the number of barrels of commercial gasoline held in inventory by commercial firms during the reported week. The data influences the price of gasoline products which affects inflation.
The data has no consistent effect, there are both inflationary and growth implications.
Analysis and Recommendations:
Natural Gas continues to fall as the days left of winter begin to wane. Weather is still the major factor here. The weather picture continues to call for a warm winter and the glut of natural gas grows. Tomorrow’s natual gas inventory should push the price down farther. Natual Gas is down, trading at 2.51 from yesterday’s close at 2.53.