Crude Oil Fundamental Analysis February 21, 2013 Forecast

Analysis and Recommendations:

Crude Oil is trading at 97.06 basically flat today. Nymex crude oil futures prices are near steady early Wednesday. The crude oil bulls still have the overall near-term technical advantage but have faded a bit recently. If crude oil bulls start to weaken that would be a bearish development for the raw commodity sector, including the precious metals. Traders are waiting this afternoon’s release of the latest minutes of the U.S. Federal Reserve’s FOMC meeting from early January. These minutes in the past few months have been market-movers. Traders and investors will scrutinize the minutes for clues regarding upcoming Federal Reserve monetary policy moves. Speculators are also going to pay close attention to the American Petroleum Report due later today.

US crude prices advanced on reports of increasing oil volume through the Seaway Pipeline. The Seaway pipeline has recently been troubled by distribution problems but plans to pump 295,000 barrels a day between late February and the end of May, media reports said. Seaway is seen as a critical component in addressing a glut of oil at the bottlenecked US hub in Cushing, Oklahoma. The pipeline’s capacity was recently expanded to 400,000 barrels a day from 150,000 barrels, but the operator has encountered technical problems that have limited the volume

Due to the US holiday on Monday the US government’s Department of Energy will publish its weekly inventory figures one day later than usual.

 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 February 20, 2013 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.

 

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

Upcoming Government Bond

Date Time Country 

Feb 21 01:30 Japan 

Feb 21 09:30 Spain 

Feb 21 09:50 France 

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Feb 21 16:00 US 

Feb 21 18:00 US 

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Feb 25 10:10 Italy  

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