Economic calendar: Will API provide more fuel for oil bulls?

roche

Data from the US and Canadian manufacturing scheduled for the afternoon  
Weekly API report expected to show another build in oil inventories  
RBA Governor Lowe to deliver speech in the evening  
 
Taking a look at the Tuesday’s economic calendar one can see a lack of top tier macro releases from the European economies. The sole one that investors may find interesting is Switzerland’s CPI print at 8:15 am BST that is expected to slip to 0.6% YoY from 0.7% seen a month earlier. Apart from that, we will get some readings from the US and Canadian manufacturing sector in the afternoon as well as the weekly API report on oil inventories. In the evening Reserve Bank of Australia Governor Lowe is scheduled to speak thus investors may look for remarks concerning last interest rate decision.


3:00 pm BST - US, Factory Orders for January. The measure of total new purchase orders placed by the US manufacturer’s may be used in assessing the condition of the US manufacturing sector. The last five readings have shown an increase thus one can assume that despite the fact that we are getting closer to the peak of the economic cycle the sector is still doing pretty good. However, this time market consensus calls for a decrease of -1.4% MoM against an increase of 1.7% MoM seen last time. Keep in mind that along with the factory orders print a revision of the durable goods orders for January will be released and it is expected to show a decrease of -3.6% MoM.


3:00 pm BST - Canada, Ivey PMI for February. Taking a look at the past readings of the Ivey PMI we can assume that the Canadian companies still believe in the economy as we have not seen a reading below 50 pts since mid-2016. However, after reaching local peak of 63.8 pts in October 2017 the moods somewhat deteriorated. The gauge slipped to 55.2 pts in January from 60.4 pts seen in December. Markets expect a reading of 56.3 pts indicating that the sector managed to cope with its recent problems.


9:30 pm BST - US, API Weekly Crude Oil Stocks. Government report has shown a huge build in the oil inventories last week initiating correction on the oil prices. However, the downward move did not last long and at beginning of this week prices rebounded. Will today’s API report and tomorrow’s DOE one provide oil bulls with fuel sufficient to perform attack on January highs? Market consensus points for another build of 0.933M.


Central bank speakers scheduled for today:


8:00 am BST - Riksbank’s Ingves and Ohlsson
12:30 pm BST - Fed’s Dudley
6:15 pm BST - BoE’s Haldane
9:35 pm BST - RBA Governor Lowe
 OIL.WTI managed to halt declines in the vicinity of the 23.6% Fibo level. Will today’s API report provide more fuel to the oil bulls?