Crude Oil Fundamental Analysis December 28, 2012, Forecast

Analysis and Recommendations:

Crude Oil gained a bit more today, trading at 91.14 as traders pushed up prices as EIA inventories forecast a drop in supply. Crude oil showed a mixed trend. WTI was seen extending the previous session gains following an initial dip on NYMEX and was trading near two month high. There was limited eco data and even less in the news flow today to support any movement in crude prices. US jobless claims were mixed along with new home sales; data was fairly close to expectations and were considered market neutral. Congress as well as President Obama have returned to Washington and are expected to spend the day in negotiations but it is too early in the day to expect much news.

 Market sentiments got off to a constructive start ahead of the much anticipated budget talks in the U.S after President Barack Obama cut short his vacation to return back to the office to continue negotiations in an aim to avert the fiscal cliff of tax hikes and spending cuts that kicks in at the New Year. Also buoying the mood was hopes for further stimulus in Japan.

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 27, 2012 actual v. forecast

 

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

 

Upcoming Economic Events that affect the CAD and USD

Government Bond Auction

Date Time Country

None Scheduled Until 2013