Which economic figures move crude oil?

[lurkerlurker]

Aside from the obvious weekly EIA Petroleum Inventories, which other scheduled news items tend to affect the price of crude oil? I've noticed that FOMC minutes tend to move the price more than usual, but have not found this to be the case with other figures.

Which figures move crude and why?

 

[gedward3]

Opec releases a monthly production figure stating how many barrels can be produced which can have an effect on the oil price dependant on what Oil Inventories are currently held.

Organization of the Petroleum Exporting Countries

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[Rhody Trader]

Really, oil is driven by big macro stuff. By that I mean things which would suggest strength or weakness in the overall economy, especially the global economy. That's why sometimes it will react sharply to interest rate moves - seeing them as an indication of future demand, or the lack thereof.

 

[lurkerlurker]

Thanks for the replies. I suppose the main things to watch out for volatility would be the weekly inventories, monthly OPEC reports, and the FOMC interest rate statement then.

I was just wondering if any other regular announcements had a dramatic effect on crude. I suppose weather events etc are relevant (but not regularly scheduled).

 

[TWI]

Weekly lottery figs are definitely the main event but increasingly money flow is main contributor. Lot of new money going to commodity indices and commodity funds and they are not going short this market.

 

[lurkerlurker]

Weekly lottery figs are definitely the main event but increasingly money flow is main contributor. Lot of new money going to commodity indices and commodity funds and they are not going short this market.

Yes, I see my CECFII is finally returning something more favourable than cash!