ADP Jobs Data and EIA Crude Inventories in Focus on Wednesday

As traders gear up for another important day in the financial markets, Wednesday, October 2, 2024, promises a series of significant decisions and economic data releases that may influence market behavior. Among the key indicators to watch are the ADP Nonfarm Employment Change and EIA Crude Oil Inventories, both of which are expected to gain the attention of investors and analysts.

Major Economic Events to Watch

• 8:15 AM ET – ADP Nonfarm Employment Change (Oct): Forecast at 124K, up from the previous 99K. This figure is a crucial predictor of the government’s non-farm payroll report.

• 10:30 AM ET – EIA Crude Oil Inventories: Expected to show a decrease of 2.100 million barrels, compared to the prior drop of 4.471 million. This report reflects the weekly change in commercial crude oil held by U.S. firms, directly impacting petroleum prices and inflation.

Other Important Economic Events to Monitor

• 6:00 AM ET – OPEC Meeting: Delegates from 13 oil-rich nations convene to discuss energy markets and production levels.

• 10:30 AM ET – EIA Weekly Cushing Oil Inventories: Previous figures recorded at 0.116 million.

• 11:00 AM ET – FOMC Member Bowman Speaks: The public address by a Federal Reserve Governor may provide insights into future monetary policy directions.

Additional Economic Indicators to Keep an Eye On

• 7:00 AM ET – Dallas Fed PCE: Previous reading at 1.70%, offering a measure of core inflation based on trimmed-mean personal consumption expenditures.

• 7:00 AM ET – MBA 30-Year Mortgage Rate: Last reported rate was 6.13%, reflecting fixed 30-year mortgage lending for standard loan-to-value ratios.

• 7:00 AM ET – MBA Mortgage Applications: Previous change was 11.0%, indicating new mortgage applications.

• 7:00 AM ET – MBA Purchase Index: Last reported at 148.2, serving as an indicator of potential home sales.

• 7:00 AM ET – Mortgage Market Index: Previously recorded at 296.1, capturing all mortgage applications for the week.

• 7:00 AM ET – Mortgage Refinance Index: Previously stood at 1,132.9, measuring refinancing activity.

• 10:30 AM ET – EIA Weekly Distillates Stocks: Forecast suggests a decrease of 1.900 million, down from the previous decline of 2.227 million.

• 10:30 AM ET – EIA Refinery Crude Runs: Last recorded change was -0.124 million.

• 10:30 AM ET – EIA Weekly Gasoline Production: Previous figure noted at 0.176 million.

• 10:30 AM ET – Gasoline Inventories: Expected to decrease by 0.500 million, down from the earlier drop of 1.538 million.

• 10:30 AM ET – EIA Weekly Crude Imports: Previously reported at 0.826 million.

• 10:30 AM ET – EIA Weekly Distillate Fuel Production: Last noted change was -0.158 million.

• 10:30 AM ET – EIA Weekly Refinery Utilization Rates: Previous rate was -1.2%.

• 10:30 AM ET – EIA Weekly Heatoil Stock: Last recorded figure at 0.191 million.

• 12:15 PM ET – FOMC Member Barkin Speaks: Insights on monetary policy may surface from the Richmond Fed President’s address.

Stay tuned for the latest updates on these economic indicators as they unfold throughout the day.

This article was generated with the assistance of AI and reviewed by an editor.