By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 79.74 in a pretty stable environment. The EIA report has been released while I am writing this analysis. The reports stated:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.1 million barrels from the previous week. At 387.2 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year
The price of crude has jumped to 80.44 since the release adding over 0.70.
Commodities were seen in a tight range as investors remained cautious ahead of the European Union summit slated to start on Thursday. With crisis in Europe taking leaps and turns, EU leaders during the course of the meet are expected to discuss prospects of firmer fiscal integration and creation of a banking union. Into the twilight session, the U.S durable goods orders and Pending home sales are key economic data to watch out for, in the midst of muddled numbers off-late, these figures are likely to paint an optimistic picture. Also, in the limelight is the Department of Energy’s crude inventory, which is expected to show a fall after last week’s colossal increase.
With embargo on Iranian crude oil approaching on July 1st, crude oil investor’s would be zealously following developments in this regard. With Chinese economic growth story fading in the midst of distress numbers, hard landing for the World’s second largest economy could become imminent in coming days. With bond market in Europe melting, investors would be closely following bond auctions out of debt ridden economies of Spain and Italy. Also, lining up towards the later half of the week is the U.S personal spending numbers; an uncanny outcome of these figures could have a significant bearing on the price movements for the riskier assets. Overall, the week is expected to remain whim to events transpiring in Europe and U.S economic data.
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 Releases for June 26, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
||
|
Jun. 27 |
EUR |
German Import Price Index (MoM) |
-0.7% |
-0.7% |
-0.5% |
||
|
EUR |
Spanish Retail Sales (YoY) |
-4.9% |
-8.2% |
-10.0% |
|||
|
EUR |
Italian Business Confidence |
88.9 |
85.5 |
86.6 |
|||
|
NOK |
Norwegian Unemployment Rate |
3.00% |
3.00% |
3.00% |
|||
|
GBP |
BBA Mortgage Approvals |
30.2K |
32.8K |
32.1K |
|||
|
EUR |
Italian 6-Month BOT Auction |
2.957% |
2.104% |
||||
|
GBP |
CBI Distributive Trades Survey |
42 |
10 |
21 |
|||
|
USD |
MBA Mortgage Applications |
-7.1% |
-0.8% |
||||
|
EUR |
German CPI (MoM) |
-0.1% |
0.0% |
-0.2% |
|||
|
EUR |
German CPI (YoY) |
1.7% |
1.8% |
1.9% |
|||
|
USD |
Core Durable Goods Orders (MoM) |
0.4% |
0.7% |
-0.6% |
|||
|
USD |
Durable Goods Orders (MoM) |
1.1% |
0.4% |
-0.2% |
|||
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 a current Crude Oil Chart.
Originally posted here
