By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 88.64 adding a few cents in today’s session as investor’s posture before inventory reports are released. The current inventory release will be added to this analysis as soon as it is released today.
Unrelenting worries over the eurozone debt crisis and flagging economic growth in the leading economies continue to haunt the market, keeping gains under check. Sentiments were mixed in commodities. Spot gold ticked up, rising for the second consecutive day backed by gains in the Euro and on expectations over another round of quantitative easing. Euro jumped after European Central Bank officials said that there were reasons for giving Europe’s permanent rescue fund a banking license. Also, German bond yield falling to a record low level supported too. However, bullion remained trapped in narrow ranges after lack of fresh cues for further directional moves. The yellow metal advanced for the third consecutive session receiving additional support from a feeble euro. Meanwhile, silver remained trapped in thin ranges. The trend was mixed in base metals. Copper in LME dropped to a one month low as worries over Greece and Spain gripped the market, curbing the risk appetite of the investors. In MCX, base metals were swinging between positive and negative territories. Crude oil pared the initial losses and was seen ticking up as threats of supply disruptions from Middle-East offset worries over the Euro Zone crisis. EIA crude forecast is expected to show a draw in crude oil inventories in its weekly inventory report.
Today’s EIA inventory showed:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.7 million barrels from the previous week. At 380.1 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 4.1 million barrels last week and are in the lower half of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 1.7 million barrels last week and are below the lower limit of the average range for this time of year. Propane/propylene inventories increased by 1.3 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories increased by 10.1 million barrels last week.
We should see crude prices drop this afternoon:
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 July 25, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 25 |
JPY |
Trade Balance |
-0.30T |
-0.39T |
-0.62T |
|
AUD |
CPI (QoQ) |
0.5% |
0.6% |
0.1% |
|
|
AUD |
Trimmed Mean CPI (QoQ) |
0.5% |
0.6% |
0.3% |
|
|
EUR |
German Ifo Business Climate Index |
103.3 |
104.7 |
105.2 |
|
|
EUR |
German Current Assessment |
111.6 |
113.0 |
113.9 |
|
|
EUR |
German Business Expectations |
95.6 |
96.7 |
97.2 |
|
|
GBP |
GDP (QoQ) |
-0.7% |
-0.2% |
-0.3% |
|
|
GBP |
GDP (YoY) |
-0.8% |
-0.3% |
-0.2% |
|
|
GBP |
CBI Industrial Trends Orders |
-6 |
-12 |
-11 |
|
|
USD |
New Home Sales |
372K |
369K |
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
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 26 |
6:00 |
EUR |
5.8 |
|
|
8:00 |
EUR |
2.9% |
||
|
12:30 |
USD |
0.7% |
||
|
12:30 |
USD |
|||
|
14:00 |
USD |
5.9% |
||
|
Jul 27 |
27th-31st |
GBP |
-0.6% |
|
|
All Day |
EUR |
-0.1% |
||
|
7:00 |
CHF |
1.16 |
||
|
12:30 |
USD |
1.9% |
||
|
13:55 |
USD |
72.0 |
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)
Click here to read Crude Oil Technical Analysis.
Originally posted here
