Crude Oil Weekly Fundamental Analysis December 31, 2012 – January 4, 2013, Forecast

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Updated: Aug 21, 2015, 02:00 UTC

Weekly Analysis and Recommendation: Crude Oil declined on Friday after EIA weekly inventories showed a small than expected decline in inventory. Traders

Crude Oil Weekly Fundamental Analysis December 31, 2012 – January 4, 2013, Forecast

Weekly Analysis and Recommendation:

Crude Oil declined on Friday after EIA weekly inventories showed a small than expected decline in inventory. Traders had been pushing crude up all week after opening at 88.62 it was able to climb as high as 91.50 prior to the inventory release. US eco data for the week supported increased demand for energy as housing and manufacturing all printed above expectations. It was the crazy roller coaster ride of the US dollar this week that kept dollar denominated commodities active. As lawmakers in the US seemed to go from deal to no deal to bickering and posturing to now a hardcore press to reach a deal so did the greenback.

Date	Last	Open	High	Low	Change %
Dec 28, 2012	90.69	91.38	91.50	90.34	-0.77%
Dec 27, 2012	91.39	90.86	91.48	90.06	0.57%
Dec 26, 2012	90.88	89.09	91.29	88.90	2.01%
Dec 25, 2012	89.09	88.67	89.18	88.67	0.32%
Dec 24, 2012	88.81	88.62	88.81	88.21	0.22%

On this holiday week, there was little action and low volume around the world as international markets were closed for the extended holiday. Many markets will be closed on Monday and many traders out of the markets, so there is little volume expected, but with Congress meeting on Sunday markets might be business than expected on Monday before the end of the 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 December 24 -28 actual v. forecast for Euro, GPB, the Franc, and USD

Date	Currency	Event	Actual	Forecast	Previous
Dec. 27	GBP	BBA Mortgage Approvals	33.6K	34.6K	33.1K
	USD	Initial Jobless Claims	350K	360K	362K
	USD	Continuing Jobless Claims	3206K	3200K	3238K
	USD	CB Consumer Confidence	65.1	70.0	71.5
	USD	New Home Sales	377K	378K	361K
Dec. 28	EUR	French Consumer Spending (MoM)	0.2%	0.1%	-0.1%
	EUR	French GDP (QoQ)	0.1%	0.2%	0.2%
	EUR	Italian 10-Year BTP Auction	4.48%		4.45%
	USD	Chicago PMI	51.6	51.0	50.4
	USD	Pending Home Sales (MoM)	1.7%	1.0%	5.0%

Historical: From 2010 to Present

Highest: 114.81 on May 02, 2011

Average: 89.58 over this period

Lowest: 67.17 on May 25, 2010

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)

Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD

Date	Time	Currency	Event	Forecast	Previous
Jan. 01	01:00	CNY	Chinese Manufacturing PMI	51.00	50.60
Jan. 02	00:00	EUR	German CPI (MoM)	0.7%	-0.1%
	00:00	EUR	German CPI (YoY)	1.9%	1.9%
	08:00	CHF	KOF Leading Indicators	1.38	1.50
	15:00	USD	ISM Manufacturing Index	50.2	49.5
Jan. 03	08:00	CHF	KOF Leading Indicators	1.35	1.50
	08:30	CHF	SVME PMI	48.5	48.5
	08:55	EUR	German Unemployment Change	10K	5K