By FXEmpire.com
Crude Oil Weekly Fundamental Analysis April 9-13, 2012, Forecast
Introduction: Crude Oil is considered the king of the commodities markets.
The Strategic Petroleum Reserveis the United States’ emergency oil stockpile, and it is the largest emergency petroleum supply in the world. The reserve stores about 570 million barrels of crude oil in underground salt caverns at four sites along the Gulf of Mexico. Any dipping into this reserve is going to be big news.
Brent Crude is traded in London as something called Futures contracts, which are priced in US Dollars. Now, all you traders brave enough to run your positions over a period of days or weeks, pay attention here:
Oil spread bets are monthly contracts. This means that:
a) You don’t pay any rollover charges; the bet will run until the contract ends;
b) Now, get this, the spread bet runs out (contract expires) in the middle of the month before the month it says on the tin. So, for example, the Brent Crude August contract runs out (expires) on 14th July.
Analysis and Recommendation:
Crude Oil ended the shortened week at 103.25
Oil rebounded from the previous session’s selloff as investors did not want to spend the long weekend without some oil futures in their portfolios.
Oil for May delivery advanced $1.84, or 1.8%, to settle at $103.26 a barrel.
For the week, however, oil futures lost 0.3%.
Investors also were buying ahead of the long weekend to guard against the potential for market-moving headlines.
Oil futures fell $2.54 in the previous session, joining a global selloff in the equity and commodity markets in the wake of the release of U.S. Federal Reserve meeting minutes and a flare-up in debt concerns in the euro zone.
|
04/05/2012 |
103.25 |
102.08 |
103.39 |
101.38 |
1.15% |
|
04/04/2012 |
102.08 |
104.01 |
104.03 |
101.09 |
-1.86% |
|
04/03/2012 |
103.98 |
104.93 |
105.17 |
103.61 |
-0.90% |
|
04/02/2012 |
104.92 |
103.43 |
105.47 |
102.08 |
1.45% |
|
04/01/2012 |
103.44 |
103.31 |
103.58 |
103.27 |
0.13% |
Historical:
High: 114.57
Low: 76.84
Economic Events: (GMT)
Economic Highlights of the coming week for the USA (only minor reports, a very light week)
|
Apr. 9 |
15:00 |
USD |
CB Employment Trends Index |
107.50 |
|
Apr 10 |
12:30 |
USD |
NFIB Small Business Optimism |
94.3 |
|
13:55 |
USD |
Redbook (MoM) |
0.70% |
|
|
15:00 |
USD |
Wholesale Inventories (MoM) |
0.5% |
0.4% |
|
15:00 |
USD |
IBD/TIPP Economic Optimism |
47.5 |
|
|
21:30 |
USD |
API Weekly Crude Stock |
7.85M |
|
|
21:30 |
USD |
API Weekly Gasoline Stock |
-4.46M |
WEEKLY
- This Week in Petroleum
Release Schedule: Wednesday @ 1:00 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)
Originally posted here
