Crude Oil Fundamental Analysis August 1, 2012, Forecast

posted
By FX Empire Analyst - Barry Norman
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

Analysis and Recommendations:

Crude Oil held fairly steady in today's session trading at 89.10. As investors looked forward to tomorrow's FOMC statement and the possibility of monetary stimulus from the US Fed.

 Markets are also eying the Chinese manufacturing PMI slated for release tomorrow for cues on demand from the top consumer of metals.  Crude oil was swinging between positive and negative territories as investors looked out for central bank’s action to support the flagging economic growth. Nymex crude oil held above $89 a barrel and was on its course to post its first monthly gain in three months. Meanwhile, EIA is likely to report a decline in crude oil inventories in its weekly inventory report scheduled for release tomorrow.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks

Economic Events: (GMT)

Upcoming Economic Events that affect the USD

Date

Time

Currency

Event 

Forecast

Previous

Aug 1

12:15

USD

ADP Non-Farm Employment Change

 

176K

 

14:00

USD

ISM Manufacturing PMI

 

49.7

 

14:30

USD

Crude Oil Inventories

 

2.7M

 

18:15

USD

FOMC Statement

   
 

18:15

USD

Federal Funds Rate

   

Aug 2

12:30

USD

Unemployment Claims

 

353K

 

14:00

USD

Factory Orders m/m

 

0.7%

Aug 3

12:30

USD

Non-Farm Employment Change

 

80K

 

12:30

USD

Unemployment Rate

 

8.2%

 

12:30

USD

Average Hourly Earnings m/m

 

0.3%

 

14:00

USD

ISM Non-Manufacturing PMI

 

52.1

 

WEEKLY

  • This Week in Petroleum
    Release Schedule: Wednesday @ 1:00 p.m. EST (schedule)
  • Gasoline and Diesel Fuel Update
    Release Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule)
  • Weekly Petroleum Status Report
    Release Schedule: The wpsrsummary.pdf, overview.pdf, and Tables 1-14 in CSV and XLS formats, are released to the Web site after 10:30 a.m. (Eastern Time) on Wednesday. All other PDF and HTML files are released to the Web site after 1:00 p.m. (Eastern Time) on Wednesday. Appendix D is produced during the winter heating season, which extends from October through March of each year. For some weeks which include holidays, releases are delayed by one day. (schedule)
  • Heating Oil & Propane Update (October-March)
    Heating Oil, Propane Residential and Wholesale Price Data
    Release Schedule: Wednesday at 1:00 p.m. EST
  • Weekly Coal Production
    Release Schedule: Thursday by 5:00 p.m. EST
  • Weekly NYMEX Coal Futures
    Release Schedule: Monday by 5:00 p.m. EST
  • Coal News & Markets
    Release Schedule: Monday by 5:00 p.m. EST
  • Natural Gas Weekly Update
    Release Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
  • Weekly Natural Gas Storage Report
    Release Schedule: Thursday at 10:30 (Eastern Time) (schedule)

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network