The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
First Oil Release After OPEC Meeting
What will happen?
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2. This release is considerable for Crude (XTI/USD), Brent (XBR/USD), and CAD movement. The loonie (Canadian dollar) is on the list because Canada has a sizable energy sector, and oil is still the most used energy source in the world. The release tells about changes in the number of barrels of crude oil held in inventory by commercial firms during the past week.
Possible Crude and Brent moves
One of the last releases on January 26 turned out to be bigger than expected. Usually, it is a bearish sign for oil because of the oversupply. After the release, the uptrend in XTI/USD stopped, and crude oil lost around 2% of the price, sliding from $87.50 to $85.90 per barrel.
If the tendency remains, high inventories numbers will press on US oil prices. And in the case of a massive plunge, $85.00 per barrel is the most robust support level.
How to trade on crude oil release?
Higher-than-expected numbers will press on the XBR and XTI. Moreover, USD/CAD may fall due to the major role of Canada in energy production.
- If the actual number is higher than expected – XTI and XBR will fall.
- Otherwise – XTI and XBR may rise slightly.
Check the economic calendar
Instruments to trade: XBR/USD, XTI/USD, CAD/USD
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…