Crude Oil Fundamental Analysis August 1, 2012, Forecast

Posted July 31, 2012 16:18 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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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)

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About: FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

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