By FXEmpire.com
Analysis and Recommendations:
Crude Oil is trading before the EIA inventory release at 93.78. A fire at a Chevron Corp refinery in California helped to push up crude prices and caused regional gasoline prices to spike.
Hurricane Ernesto is forecast to re-emerge Wednesday in the southern Gulf of Mexico, where state oil company Pemex has port facilities and offshore platforms. This could affect the U.S. oil market, the world’s biggest, especially if oil inventories are depleted, analysts say.
U.S. crude stocks fell sharply by 5.4 million barrels last week, the American Petroleum Institute said, well above analyst expectations for a 300,000 barrel drawdown. The U.S. Energy Information Administration, the statistical arm of the U.S. Energy Department, will issue its stocks data on Wednesday and we will print it below if there is a shift in prices we will also try to keep the forecast updated with the immediate reaction
The EIA on Tuesday raised its forecast for 2012 world oil demand growth by 90,000 bpd to 760,000 bpd. It raised its 2013 demand growth estimate by 140,000 bpd to 870,000 bpd.
The oil market could see more supply as South Sudan hopes to resume production in September after reaching an interim agreement with Sudan on export fees. It may take a year to return to full capacity, South Sudan’s top negotiator said.
Today’s EIA inventory summary stated:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 369.9 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year
Crude oil prices have risen to 94.14 after the release of today’s inventory
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 August 8, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Aug. 08 |
JPY |
Adjusted Current Account |
0.77T |
0.75T |
0.28T |
|
AUD |
Home Loans (MoM) |
1.3% |
2.0% |
-0.9% |
|
|
CHF |
SECO Consumer Climate |
-17 |
-4 |
-8 |
|
|
GBP |
BoE Inflation Report |
||||
|
EUR |
German 10-Year Bund Auction |
1.420% |
1.310% |
||
|
EUR |
German Industrial Production (MoM) |
-0.9% |
-0.8% |
1.7% |
|
|
USD |
Nonfarm Productivity (QoQ) |
1.6% |
1.3% |
-0.5% |
|
|
USD |
Unit Labor Costs (QoQ) |
1.7% |
0.6% |
5.6% |
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 |
|
Aug 9 |
8:00 |
EUR |
||
|
8:30 |
GBP |
-8.4B |
||
|
12:30 |
USD |
-48.7B |
||
|
12:30 |
USD |
|||
|
Aug 10 |
6:45 |
EUR |
-1.9% |
|
|
8:30 |
GBP |
-2.2% |
||
|
12:30 |
USD |
-2.7% |
||
|
18:00 |
USD |
-59.7B |
Government Bond Auctions
Date Time Country
Aug 09 15:30 Italy
Aug 09 17:00 US
Aug 10 10:00 Belgium
Aug 13 09:10 Italy
Aug 13 09:10 Norway
Aug 13 09:30 Germany
Aug 14 09:10 Greece
Aug 14 09:10 Italy
Aug 14 09:30 Belgium
Aug 14 14:30 UK
Aug 15 09:10 Sweden
Aug 16 09:30 UK
Aug 16 15:00 US
Click here for updated Crude Oil News.
Originally posted here
