Focus on Building Permits, New Home Sales, and Oil Data This Wednesday

As traders prepare for a crucial day in the financial markets on Wednesday, September 25, 2024, they will be looking to a number of significant economic data releases that may impact market dynamics. Reports on building permits, new home sales, and crude oil inventories are among the key indicators set to provide insights into the housing sector and energy markets, potentially swaying investor sentiment and market trends.

Major Economic Events to Watch

• 8:30 AM ET – Building Permits (Aug): Expected forecast of 1.475M compared to the previous 1.406M. This is a vital indicator of demand in the housing market.

• 10:00 AM ET – New Home Sales (Aug): Anticipated to be 699K, down from the previous 739K. This data reflects annualized new single-family home sales.

• 10:30 AM ET – EIA Crude Oil Inventories: Forecasted decrease of 1.200M in weekly commercial crude oil stocks, compared to a previous decline of 1.630M.

Other Important Economic Events

• 8:30 AM ET – Building Permits (MoM) (Aug): Predicted month-over-month change of 4.9%, up from the prior -3.3%.

• 10:00 AM ET – New Home Sales (MoM) (Aug): Previous change was 10.6%, indicating the percentage change in new home sales.

• 10:30 AM ET – EIA Weekly Cushing Oil Inventories: Last reported at -1.979M, showing crude oil storage levels at Cushing, Oklahoma.

• 1:00 PM ET – 5-Year Note Auction: The last auction yield was 3.645%, showing government borrowing costs.

Additional Economic Events to Consider

• 7:00 AM ET – MBA 30-Year Mortgage Rate: Previous rate was 6.15%, covering fixed 30-year mortgage lending rates.

• 7:00 AM ET – MBA Mortgage Applications: Previously reported change was 14.2%, reflecting weekly changes in mortgage applications.

• 7:00 AM ET – MBA Purchase Index: Last index value was 146.1, indicating future home sales activity.

• 7:00 AM ET – Mortgage Market Index: The most recent figure was 266.8, encompassing all mortgage applications for the week.

• 7:00 AM ET – Mortgage Refinance Index: Previously at 941.4, this indicates refinancing activity levels.

• 10:30 AM ET – Gasoline Inventories: Forecast change of 0.200M compared to a prior change of 0.069M.

• 10:30 AM ET – EIA Weekly Heating Oil Stock: Previous reported level was -0.352M, showing heating oil inventory status.

• 10:30 AM ET – EIA Weekly Refinery Utilization Rates: Last recorded at -0.7%, reflecting refinery capacity utilization.

• 10:30 AM ET – EIA Weekly Crude Imports: Previous change was -1.829M, indicating crude oil import levels.

• 10:30 AM ET – EIA Weekly Distillates Stocks: Forecast decrease of 2.200M compared to the previous increase of 0.125M.

• 10:30 AM ET – EIA Refinery Crude Runs: Most recent figure was -0.282M, indicating crude processed by refineries.

• 10:30 AM ET – EIA Weekly Distillate Fuel Production: Last week’s production was at -0.153M.

• 10:30 AM ET – EIA Weekly Gasoline Production: Previous gasoline production figure was 0.284M.

• 4:00 PM ET – FOMC Member Kugler Speaks: Remarks from Federal Reserve Governor Adriana Kugler on monetary policy will be closely monitored.

Stay tuned for the latest updates on these important economic indicators as traders navigate this pivotal day in the financial markets.