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Crude Oil Fundamental Analysis February 23, 2012, Forecast
Analysis and Recommendations:
Crude Oil is currently trading down at 105.92 at this writing declining slightly on a higher dollar, markets continue to worry about European and Chinese data, and as questions about Iran’s nuclear program continued to cloud the global oil supply outlook. Greece continues to unnerve investors compounded by supply chain disruptions caused by Iranians response to the EU embargo.
Sales of U.S. existing homes rose 4.3% in January and inventories fell to nearly seven-year lows, as lower prices, unusually warm weather and an improving economy all lifted demand.
The National Association of Realtors said Wednesday that January sales were at a seasonally adjusted annual rate of 4.57 million, compared to economist forecast of 4.7 million. Sales rose in all four major regions, including an 8.8% pop in the West.
Chesapeake Energy Corp. said it plans to more than double its oil and liquids production by 2015 as the natural gas giant aims to become one of top five U.S. oil producers.
Chesapeake and other oil and gas companies are fleeing natural gas fields amid a supply glut that has brought prices to low levels not seen in years. Chesapeake said it plans to produce about 250,000 barrels a day of oil and natural gas liquids by 2015, up from about 104,000 barrels a day in the fourth quarter.
Wednesday February 22, 2012 Economic Reports actual v. forecast
| AUD |
Wage Price Index (QoQ) |
1.0% |
0.8% |
0.7% |
|
NZD |
Credit Card Spending (YoY) |
3.1% |
5.9% |
|
|
EUR |
French CPI (MoM) |
-0.4% |
0.3% |
0.4% |
|
EUR |
French Manufacturing PMI |
50.2 |
48.7 |
48.5 |
|
EUR |
French Services PMI |
50.3 |
51.9 |
52.3 |
|
EUR |
German Manufacturing PMI |
50.1 |
51.5 |
51.0 |
|
EUR |
German Services PMI |
52.6 |
53.8 |
53.7 |
|
TWD |
Taiwanese GDP (YoY) |
1.9% |
1.9% |
1.9% |
|
EUR |
Italian CPI (MoM) |
0.3% |
0.3% |
0.3% |
|
EUR |
Manufacturing PMI |
49.0 |
49.4 |
48.8 |
|
EUR |
Services PMI |
49.4 |
50.7 |
50.4 |
|
GBP |
MPC Meeting Minutes |
|||
|
EUR |
Industrial New Orders (MoM) |
1.9% |
0.6% |
-1.1% |
|
EUR |
German 2-Year Schatz Auction |
0.250% |
||
|
USD |
MBA Mortgage Applications |
-4.5% |
-1.0% |
|
|
EUR |
Spanish Trade Balance |
-4.50B |
-3.10B |
-2.70B |
|
EUR |
Belgium NBB Business Climate |
-7.7 |
-8.5 |
-9.5 |
Originally posted here
