Crude Oil Fundamental Analysis September 21, 2012, Forecast

Posted September 20, 2012 15:40 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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Analysis and Recommendations:

Crude Oil ended the day close to its opening after tumbling for the first three days of the week and continuing to be weak today. Crude is trading at 92.22

Higher than expected inventories along with lower growth forecasts and poor data out of Japan and China helped pressure oil prices.

Middle East tensions settled back to their norm and there was little weather problems. Crude oil eased, with the Brent falling below $108 a barrel after the top producer Saudi Arabia pledged to keep global oil prices low. Rumors of a release of the STR kept traders away from oil as the USD climbed today.

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 September 20, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Sep. 20

JPY

Trade Balance

-0.47T

-0.37T

CNY

Chinese HSBC Manufacturing PMI

47.80

47.60

EUR

French Manufacturing PMI

42.6

46.4

46.0

EUR

German Manufacturing PMI

47.3

45.3

44.7

EUR

Manufacturing PMI

46.0

45.4

45.1

GBP

Retail Sales (MoM)

-0.2%

-0.4%

0.3%

GBP

Retail Sales (YoY)

2.7%

2.7%

2.3%

GBP

CBI Industrial Trends Orders

-8

-15

-21

USD

Initial Jobless Claims

382K

375K

385K

USD

Continuing Jobless Claims

3272K

3300K

3304K

USD

Philadelphia Fed Manufacturing Index

-1.9

-4.0

-7.1

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)

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

There are no top tier eco data releases due in Europe or the US on the 21st.

Government Bond Auction

Date Time Country

Sep 21 15:30 Italy

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)

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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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