Crude Oil Fundamental Analysis Feb. 2, 2012, Forecast

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Crude Oil Fundamental Analysis Feb. 2, 2012, Forecast

Crude Oil is currently trading at 98.31 down from the high of 99.47. Crude fell after inventory reports showed that supplies had increased by 4.2 million barrels. Crude is expected to continue falling slowly and will find support at 97.14.

US commercial crude oil inventories increased by 4.2 million barrels to 338.9 million barrels in the week ending 27 January. The US Energy Information Administration says crude oil inventories are in the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.0 million barrels last week and are in the upper limit of the average range.

Employment in the U.S. nonfarm private business sector increased by 170,000 from December to January on a seasonally adjusted basis. The estimated advance in employment from November to December was revised down to 292,000 from the initially reported 325,000. Employment in the private, service-providing sector rose 152,000 in January

The US ISM manufacturing index was slightly lower than expected, rising to 54.1 from 53.1. The details were stronger with the new orders index rising again to the highest level since April last year and the export orders index rising for the third month in a row

Today’s Economic Reports Results

GBP       Nationwide HPI (MoM)                     -0.2%                  -0.1%                     -0.2%      Unexpected Drop           

CHF        Retail Sales (YoY)                          0.6%                     1.6%                      1.8%       Unexpected Drop           

CHF        SVME PMI                                         47.3                       51.8                        49.1        Unexpected Drop

EUR        French Manufacturing PMI             48.5                        48.5                        48.5                                       

EUR        German Manufacturing PMI         51.0                       50.9                        50.9         Above Forecast              

 EUR       Manufacturing PMI                         48.8                       48.7                        48.7         Above Forecast              

 GBP      Manufacturing PMI                          52.1                       50.1                        49.7        Above Forecast               

 EUR       CPI (YoY)                                           2.7%                     2.7%                      2.7%