Crude Oil Fundamental Analysis December 24, 2012, Forecast

Analysis and Recommendations:

Crude Oil tumble exactly 1.00 today, trading flat after dipping during the early Asian session as investors sold off to take some quick profits. Crude is trading at 89.13

 Talks in the United States to reach an agreement to resolve a budget crisis stalled, reviving worries about demand in the world’s biggest oil consumer. Republican lawmakers failed to back an effort to head off $600 billion worth of indiscriminate tax hikes and spending cuts that threaten to push the US economy into recession next year. The dramatic twist, coming after growing optimism just a few days earlier of an agreement, weighed on Asian shares, the euro and base metals.

The stalemate had a larger impact on US oil, which fell as low as $88.93 and traded $1 lower at $89.13. It is set to rise nearly 3 percent this week.

The Organization of the Petroleum Exporting Countries, in a monthly report, said its production in November fell 210,000 barrels per day (bpd) to 30.78 million bpd, according to secondary sources. Top exporter Saudi Arabia told OPEC it cut output by 230,000 bpd to 9.49 million bpd. OPEC’s report comes a day before the group meets in Vienna and contained no major adjustments in the outlook. The group is widely expected to retain its output target of 30 million bpd when it meets on Wednesday.

The report left its forecast for growth in world demand in 2013 unchanged at 770,000 bpd and forecast demand for OPEC crude next year would average 29.7 million bpd – unchanged from last month and down 400,000 bpd from 2012.

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 December 21, 2012 actual v. forecast

 

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• This Week in Petroleum
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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 CAD and USD

There are no eco events on the calendar for Monday, December 24 and markets will be closed on Tuesday December 25^th. Traders and politicians are expected to be out of their offices for the season with low volume and low volatility. The only global issue is the US fiscal deadline. I would like to wish all of my readers a safe and healthy holiday season and all the best in the new year.

Government Bond Auction

Date Time Country 

Dec 21 16:30 Italy  

Dec 26 01:30 Japan 

Dec 27 10:10 Italy  

Dec 28 10:10 Italy