By FXEmpire.com
Analysis and Recommendations:
Crude Oil remained depressed falling ever since the release of the US Nonfarm report last Friday.
Today’s crude oil inventory, from the EIA showed.
In its weekly report that U.S. crude oil inventories rose by 3.7 million barrels in the week ended May 4, above expectations for a 1.97 million barrel increase. U.S. crude supplies rose by 2.84million barrels in the preceding week.
On Monday the API report stated that crude inventories had climbed to 7.78million barrels, which is usually a leading indicator for the weekly inventory. This report lately has been more wrong then right,
Total U.S. crude oil inventories stood at 379.5 million barrels as of last week, the highest level since August 1980, underscoring fears over a slowdown in oil demand from the U.S.
Factoring in the US inventory, the amount of oil pumped by OPEC in April and overall decreasing world demand, oil is looking at a worldwide glut.
Markets will be watching data from China closely this week, to base crude prices for the short term.
Most USD commodities have collapses due to the strength of the US dollar and weak global demand and worries stemming from the eurozone.
The geopolitical situation seems to have calmed down, even with the Iranian embargo in place.
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)
Watch these upcoming events closely
|
May 10 |
TBD |
CNY |
Chinese Trade Balance |
7.93B |
5.35B |
|
13:30 |
USD |
Trade Balance |
-50.0B |
-46.0B |
|
|
13:30 |
USD |
Initial Jobless Claims |
369K |
365K |
|
|
13:30 |
USD |
Continuing Jobless Claims |
3278K |
3276K |
|
|
14:30 |
USD |
Fed Chairman Bernanke Speaks |
|||
|
19:00 |
USD |
Federal Budget Balance |
30.0B |
-198.2B |
|
|
May 11 |
02:30 |
CNY |
Chinese PPI (YoY) |
-0.3% |
|
|
02:30 |
CNY |
Chinese CPI (MoM) |
0.2% |
||
|
06:30 |
CNY |
Chinese Fixed Asset Investment (YoY) |
20.9% |
||
|
06:30 |
CNY |
Chinese Industrial Production (YoY) |
11.9% |
||
|
06:30 |
CNY |
Chinese Retail Sales (YoY) |
15.2% |
||
|
13:30 |
USD |
Core PPI (MoM) |
0.3% |
||
|
13:30 |
USD |
PPI (MoM) |
0.0% |
||
|
14:55 |
USD |
Michigan Consumer Sentiment |
76.4 |
Click here to read Crude Oil Technical Analysis.
Originally posted here
