Financial markets head into Wednesday, May 20, 2026, with several scheduled releases that could inform trading decisions and provide additional context for policy and commodity pricing. The agenda centers on two high-profile items: the Federal Open Market Committee meeting minutes due at 1:00 PM ET and the Energy Information Administration's weekly crude oil inventories report at 9:30 AM ET. Together, these publications will supply further detail on the Federal Reserve's recent policy deliberations and on U.S. commercial crude stock changes.
What to expect and when
- 9:30 AM ET - EIA Crude Oil Inventories: The weekly change in commercial crude oil barrels held by U.S. firms. The previous weekly figure showed a draw of -4.306M barrels. This release is a direct input to petroleum pricing considerations and by extension can feed into inflation measures.
- 1:00 PM ET - FOMC Meeting Minutes: The detailed record from the Federal Reserve's recent policy-setting meeting. The minutes typically shed light on the committee's assessment of economic conditions and their views on the prospective path of monetary policy and interest rates.
Additional scheduled commentary and energy details
- 8:15 AM ET - Fed Vice Chair for Supervision Barr speaks: Remarks from Federal Reserve Vice Chair for Supervision Michael Barr are scheduled ahead of the FOMC minutes. The event is listed as a discrete item on the timetable for the day.
- 9:30 AM ET - EIA Weekly Cushing Oil Inventories: The weekly change in crude oil held at Cushing, Oklahoma, the delivery point for the West Texas Intermediate benchmark. The prior weekly change was -1.702M barrels.
In addition to the headline crude figures, the EIA will publish a broader set of weekly energy statistics at 9:30 AM ET, including gasoline and distillates inventories, production flows, refining metrics, imports, and heating oil stocks. The previously reported values for these series include:
- Gasoline Inventories: previous -4.084M barrels
- EIA Weekly Distillates Stocks: previous 0.190M barrels
- EIA Weekly Distillate Fuel Production: previous -0.124M barrels
- EIA Weekly Gasoline Production: previous 0.222M barrels
- EIA Weekly Refinery Utilization Rates: previous 1.6%
- EIA Refinery Crude Runs: previous 0.370M barrels
- EIA Weekly Crude Imports: previous -0.318M barrels
- EIA Weekly Heatoil Stock: previous 0.153M barrels
Mortgage-market readings due earlier in the day
Mortgage Bankers Association weekly indicators are scheduled for release at 6:00 AM ET and will provide a snapshot of activity in housing finance ahead of the more closely watched FOMC minutes. Those series and their previously reported values are:
- MBA Mortgage Applications: previous 1.7% (weekly change)
- MBA 30-Year Mortgage Rate: previous 6.46% (fixed 30-year mortgage lending rate for 80% loan-to-value mortgages)
- Mortgage Market Index: previous 290.1 (covers all mortgage applications during the week)
- MBA Purchase Index: previous 177.7 (mortgage applications for single-family home purchases)
- Mortgage Refinance Index: previous 921.1 (applications to refinance existing mortgages)
Why these releases matter
The FOMC minutes typically offer more granularity than the policy statement alone, illuminating committee members' views on growth, labor markets, inflation, and the likely policy trajectory. The EIA's weekly crude and refined product statistics are a principal gauge of supply and demand balance in U.S. petroleum markets; their movements can influence gasoline and diesel pricing and feed into inflation metrics.
Collectively, these items inform traders, analysts, and policymakers. The FOMC minutes may clarify the central bank's policy stance, while the EIA data will update the market on near-term energy inventories and refining activity.
Where to follow updates
All of the items listed are part of the day's economic schedule. For those tracking the flow of releases, the day's economic calendar lists the timing of each item.