Crude Oil Weekly Fundamental Analysis September 24-28, 2012 Forecast
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Introduction: Crude Oil is considered the king of the commodities markets.
The Strategic Petroleum Reserve is the United States’ emergency oil stockpile, and it is the largest emergency petroleum supply in the world. The reserve stores about 570 million barrels of crude oil in underground salt caverns at four sites along the Gulf of Mexico. Any dipping into this reserve is going to be big news.
Brent Crude is traded in London as something called Futures contracts, which are priced in US Dollars. Now, all you traders brave enough to run your positions over a period of days or weeks, pay attention
Most commonly traded is the NYMEX where you find West Texas Crude. It is also traded in USD.
Weekly Analysis and Recommendation:
Crude Oil had a rocky week with some unexplainable moved. Midweek prices crashed 4.00 in just a few minutes. Crude opened the week close to 100.00 to decline to a low of 90.97 after the EIA inventory. Crude closed the week at 93.06
There has been Middle East unrest with Syria remaining in the news as the civil war turned more violent. Saudi Ministers began to talk down the price of oil saying they would keep production at a maximum until prices were below 100.00 for Brent crude.
Sep 21, 2012
Sep 20, 2012
Sep 19, 2012
Sep 18, 2012
Sep 17, 2012
The Obama Administration turned up the heat with more rumors of releases from the strategic reserves, as global central banks continues to pour monetary stimulus into the market place. The Bank of Japan and the PBoC joined the parade.
Although, growth and eco data from the EU and China worried markets oil remained high.
This week’s inventory numbers took traders by surprise, with only an increase of 1m barrels expected EIA reports showed a massive increase of over 8m barrels.
The report read:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.5 million barrels from the previous week. At 367.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.
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.
Major Economic Events for the week of September 17-21, 2012 actual v. forecast for Euro, GPB, the Franc, and USD
Rightmove House Price Index (MoM)
NY Empire State Manufacturing Index
Core CPI (YoY)
German ZEW Economic Sentiment
ZEW Economic Sentiment
TIC Net Long-Term Transactions
Existing Home Sales
French Manufacturing PMI
German Manufacturing PMI
Retail Sales (MoM)
Retail Sales (YoY)
Spanish 10-Year Obligation Auction
CBI Industrial Trends Orders
Initial Jobless Claims
Continuing Jobless Claims
Philadelphia Fed Manufacturing Index
- 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)
Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD
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