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EIA’s report reveals smaller-than-forecast drop in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories decreased by 0.679 million barrels in the week ended November 27. Economists had forecast a decline of 2.358 million barrels.

At the same time, gasoline stocks rose by 3.491 million barrels, while analysts had expected a gain of 2.386 million barrels. Distillate stocks advanced by 3.238 million barrels, while analysts had forecast a decrease of 0.209 million barrels.

Meanwhile, oil production in the U.S. grew by 100,000 barrels a day to 11.100 million barrels a day.

U.S. crude oil imports averaged 5.4 million barrels per day last week, up by 171,000 thousand barrels per day from the previous week.

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15:10 20.01.2021

U.S. weekly mortgage applications drop 1.9 percent

U.S. weekly mortgage applications drop 1.9 percentThe Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 1.9 percent in the week ended January 15, following a 16.7 percent surged in the previous week.According to the report, refinance applications declined 4.7 percent, while applications to purchase a home increased 2.7 percent. Meanwhile, the average fixed 30-year mortgage rate rose from 2.88 percent to 2.92 percent.

14:59 20.01.2021

EUR/USD to prolong the corrective phase while below 1.2231 - Credit Suisse

EUR/USD to prolong the corrective phase while below 1.2231 - Credit SuisseFXStreet reports that the Credit Suisse analyst team notes that EUR/USD has recovered strongly after holding as expected the 38.2% retracement of its November/January rally and 55-day average at 1.2065/54, but with a break above 1.2223/31 needed to confirm the correction is over and the core uptrend resumed.“EUR/USD has recovered as expected after falling to test and hold our first downside objective at 1.2067/54 – the

14:38 20.01.2021

China: GDP surpassed expectations in Q4 - UOB

FXStreet reports that Ho Woei Chen, CFA, an economist at UOB Group, assesses the latest GDP figures in the Chinese economy.“China’s GDP growth accelerated further to 6.5% y/y in 4Q20 from 4.9% y/y in 3Q20, above Bloomberg’s consensus poll and our forecast of 6.2%. The economy has fully recovered from the coronavirus pandemic with the pace of GDP rising above the level in the same quarter a year ago. The growth rates of the secondary and primary industries were above their pre-pandemic