Summary:

  • Oil data from API could influence oil prices which are the highest for more than two years
  • US job openings or better known as JOLTS will deliver another input to the labor market
  • Several central bank speakers including Poloz, Draghi and Yellen on the agenda

This week is relatively calm in terms of macroeconomic releases, however such weeks often tend to be yet more tumultuous, hence it’s worth keeping a close eye. It seems that central bank speeches could draw the most attention along with the weekly report on a change in US oil stocks delivered by API.

3:00 pm BST – US JOLTS: This data points how many vacancies have been created in a given month. Notice that we got disappointing figures from the US labor market on Friday which came in below the forecasts except the jobless rate. When we compare JOLTS to the unemployment rate one may spot that there is consistence between both indicators, however a possible decline in JOLTS might turn into an increase seen in the jobless rate. The consensus for today’s reading calls for 6075k (for September) while the last month saw 6082k. 

9:40 pm BST – Crude oil stocks by API: Oil had an excellent session on Monday which resulted in a fresh new high on both grades. WTI prices are trading the highest since May 2015, whereas Brent is the most expensive since the end of June 2015. The commodity was shored up by another hopes for the OPEC deal extension, a drop seen in the US oil rigs and the thread concerning a major political shakeup in Saudi Arabia. The last week saw a massive decline by 5.1 million barrels but the DoE release reported decisively less impressive drop. Either way today’s report might set the bar before the governmental data on Wednesday.

Central bank speakers:

  • 9:00 am BST – ECB’s Draghi, Lautenschlaeger, Nouy
  • 12:10 pm BST – Riksbank’s Folden
  • 2:30 pm BST – Riksbank’s Skingsley
  • 5:35 pm BST – FED’s Quarles
  • 5:55 pm BST – BoC’s Poloz
  • 6:30 pm BST – BoE’s Taylor
  • 7:00 pm BST – a press conference following the Poloz’s speech
  • 7:30 pm BST – FED’s Yellen (she to receive award for ethics in government, no Q&A is expected)

link do file download linkWTI oil price have already broken through $55 which could commence an increase towards $62. Source: xStation5