Wednesday's Events: DOE Crude Oil, Mortgage Applications

U.S. crude oil inventories will top the U.S. economic data releases of the day along with Canadian building permits for June. In Europe, markets will hear commentary from European Central Banker Orodnez, and Australians will hear comments from Governor Stevens.

Kicking off the day, at 7 a.m. EDT, the U.S. Mortgage Bankers Association will release mortgage applications for the week ending July 3. In the previous week, applications rose 3.6% week-over-week.

At 7:20 am. EDT, Reserve Bank of Australia Governor Glenn Stevens will deliver remarks at the 150th anniversary of Bendigo Bank in Bendigo, Australia.

At 8:15 a.m. EDT, the Canada Mortgage and Housing Corporation will release housing starts for June, which are expected to decline to 216.0k from 221.3k in May.

At 8:30 a.m. EDT, Bank of Spain Governor Miguel Angel Fernandez Ordonez is expected to deliver remarks at a conference in Madrid.

At 10 a.m. EDT, the U.S. Census Bureau will release its first quarter report on U.S. retail trade.

Also at 10 a.m. EDT, the U.S. Bureau of Labor Statistics will release its job openings and labour turnover report for May.

At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending July 4. Economists are expecting a 2100k draw in crude oil reserves following the previous 1982k decline. Gasoline inventories are expected to rise 100k following the previous 2100k rise. Distillate inventories are expected to rise 2000k after rising 1264k in the previous week. Refinery utilization is expected to come in flat after expanding 0.13% in the previous week.

At noon EDT, the Bank of Canada will sell C$2.5 billion in 2018.06.01 4.25% bills. The move will be followed by a repurchase of C$300 million in various securities.

At 2 p.m. EDT, U.S. Under Secretary for International Affairs David H. McCormick will deliver keynote remarks on international economic policy at the Center for Strategic & International Studies in Washington, D.C.

7:00 US MBA Mortgage Applications W/E 4-July Prior: +3.6%

7:20 AU Reserve Bank of Australia Governor Stevens to Speak in Bendigo

8:15 CA Housing Starts June Exp: +217.0K Prior: +221.3K

8:30 EU ECB's Orodnez to Speak at Conference in Madrid

10:00 US Job Openings and Labour Turnover

10:00 US Quarterly Financial Report Retail Trade Q1

10:35 US DOE U.S. Crude Oil Inventories W/E 4-July Exp:-2100K Prior: -1982K

10:35 US DOE U.S. Gasoline Inventories W/E 4-July Exp:+100K Prior: +2100K

10:35 US DOE U.S. Distillate Inventory W/E 4-July Exp:+2000K Prior: +1264K

10:35 US DOE U.S. Refinery Utilization W/E 4-July Exp: +0.13% Prior: +0.63%

12:00 CA BOC to Sell C$2.5 Billion in 2018.06.01 4.25% Bills

12:20 CA Bank of Canada Bond Repurchase Program

14:00 US Tsy's Secretary David McCormick will speak on International Economic Policy in Washington

By Erik Kevin Franco and edited by Cristina Markham