What to Watch Wednesday: Will Oil Traders Get Some Positive News?

In 'What to Watch on Wall Street' for Wednesday January 13, there are a handful of key economic reports set to be released. The day kicks off with the MBA mortgage applications at 7 a.m. Eastern. Shortly thereafter, Boston Fed head Eric Rosengren will be giving a speech on the economic outlook. Later in the morning, we have the weekly oil inventory report from the EIA. Then in the afternoon, Chicago Fed head Charles Evans will be speaking in Iowa at 1 p.m. Following that, we have the beige book and the treasury budget. Here's why oil traders will be focusing on the weekly stockpile report. It'll tell us more about the supply and demand conditions in the world. TheStreet's U-Jin Lee reports from Wall Street.