Crude Oil Fundamental Analysis August 17, 2012, Forecast

Posted August 16, 2012 17:13 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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Analysis and Recommendations:

Crude Oil is trading at 95.31 pushed upward by the EIA inventory report released yesterday showing that US stocks continued to decline.

Prices are expected to decline, after lackluster data from the US, almost all eco data from the US today was negative, housing starts were down, unemployment claims were up, manufacturing and the Philly Fed were down.

After a small burst of strength the USD has declined. Oil also gained on the hopes of the US recovery, which is now back at stall mode.

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 up to the data analysis and information in our weekly reports.

Economic Data August 16, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 16

KRW

South Korean Unemployment Rate

3.1%

3.3%

3.2%

GBP

Retail Sales (MoM)

0.3%

-0.1%

0.8%

GBP

Retail Sales (YoY)

2.8%

1.4%

2.6%

EUR

CPI (YoY)

2.4%

2.4%

EUR

Core CPI (YoY)

1.7%

1.9%

1.6%

USD

Building Permits

0.812M

0.770M

0.760M

CAD

Foreign Securities Purchases

-7.89B

10.67B

26.11B

USD

Housing Starts

0.746M

0.757M

0.754M

CAD

Manufacturing Sales (MoM)

-0.40%

0.40%

-0.40%

USD

Initial Jobless Claims

366K

365K

364K

USD

Continuing Jobless Claims

3305K

3300K

3336K

USD

Philadelphia Fed Manufacturing Index

-7.1

-5.0

-12.9

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)

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date	Time	Currency	Event	Forecast	Previous
Aug 17	6:00	EUR	German PPI m/m	0.4%	-0.4%
	8:00	EUR	Current Account	7.8B	10.9B
	13:55	USD	Prelim UoM Consumer Sentiment	72.5	72.3

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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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