By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading at 103.31 slightly off of the opening, but has not made much of a response to the higher than expected inventories released by the EIA today
U.S. crude oil refinery inputs averaged just less than 14.5 million barrels per day during the week ending April 20, 23 thousand barrels per day above the previous week’s average. Refineries operated at 84.7 percent of their operable capacity last week.
U.S. crude oil imports averaged about 8.8 million barrels per day last week, up by 48 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 8.9 million barrels per day, 235 thousand barrels per day above the same four-week period last year.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.0 million barrels from the previous week. At 373.0 million barrels, U.S. crude oil inventories are in the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.2 million barrels last week and are in the upper limit of the average range.
Crude oil prices are one of the major obstacles for US recovery, and President Obama, is going to be forced to take drastic action to stimulate the economy before elections as proved by President Sarkozy in France.
A lot will depend on the statements from the FOMC later today but their statement has to be aimed at the high price of energy and its effects on the economy and inflation.
Economic Data April 25, 2012 actual v. forecast
|
PLN |
Polish Unemployment Rate |
13.30% |
13.40% |
13.50% |
|
GBP |
GDP (QoQ) |
-0.2% |
0.1% |
-0.3% |
|
GBP |
GDP (YoY) |
0.0% |
0.3% |
0.5% |
|
GBP |
CBI Industrial Trends Orders |
-8 |
-6 |
-8 |
|
USD |
Core Durable Goods Orders (MoM) |
-1.1% |
0.5% |
1.9% |
|
USD |
Durable Goods Orders (MoM) |
-4.2% |
-1.7% |
1.9% |
|
USD |
Interest Rate Decision |
0.25% |
0.25% |
0.25% |
Economic Events scheduled for April 26, 2012 that affect the European and American Markets
TBD EUR Consumer Price Index (YoY) (Apr)
The Germany consumer price index released by the Statistiches Bundesamt Deutschland measures the average price change for all goods and services purchased by households for consumption purposes. CPI is the main indicator to measure inflation and changes in purchasing trends.
TBD EUR Consumer Price Index (MoM) (Apr)
The Germany consumer price index released by the Statistiches Bundesamt Deutschland measures the average price change for all goods and services purchased by households for consumption purposes. CPI is the main indicator to measure inflation and changes in purchasing trends
06:00 EUR Retail Sales (MoM) (Mar)
The Retail Sales released by the Statistiches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending
06:00 EUR Retail Sales (YoY) (Mar)
The Retail Sales released by the Statistiches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending.
08:30 GBP BBA Mortgage Approvals (Mar)
The Mortgage Approvals published by the British Bankers’ Association (BBA)measure the number of home loans issued by the BBA during the previous quarter. It is considered as a leading indicator of the UK Housing Market. A Mortgage growth represents a healthy housing market that stimulates the overall UK economy
09:00 EUR Consumer Confidence (Apr)
The Consumer Confidence released by the European Commission is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn.
09:00 EUR Economic Confidence (Apr)
The Euro Zone Economic Confidence released by the European Commission is a survey of consumers confidence in economic activity. It indicates the trend of the overall Euro Zone economy.
09:00 EUR Industrial Confidence (Apr)
The Industrial Confidence released by the European Commission is an index that measures the level of industrial executives confidence in economic activity. The survey asks about orders and buildup of inventories. A high level of industrial confidence stimulates economic expansion while a low level drives to economic downturn.
23:01 GBP Gfk Consumer Confidence (Apr)
The GfK Group Consumer Confidence is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn
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
