By FX Empire.com
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Heating Oil, Propane Residential and Wholesale Price Data
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Crude Oil Fundamental Analysis Jan. 31, 2012, Forecast
Analysis and Recommendations:
Crude Oil is currently trading 99.20 down .36 mid afternoon. The fall came on top of a 14-cent decline Friday, when weaker-than-expected U.S. economic growth for the fourth quarter raised doubts about the demand outlook and pressured Nymex crude futures.
The demand concern outweighed geopolitical tensions surrounding Iran and the European Union’s recent decision to embargo many imports from the Middle-Eastern nation.
U.S. weekly oil data are expected to show crude oil stocks rose last week, while refiners left operations unchanged. According to early estimates from six analysts surveyed by Dow Jones Newswires, U.S. crude-oil inventories rose by 3.2 million barrels in the week ended Jan. 27. All six analysts expect an increase. Forecasts range from a build of 2 million barrels to 4.9 million barrels.
The closely watched government survey from the Energy Information Administration is due at 10:30 a.m. EST Wednesday.
Crude-oil futures declined in electronic trading Monday as U.S. stock-index futures and most Asian and European stock markets fell and the dollar strengthened amid lingering worries over Greece.
The Commerce Department reported U.S. consumer spending came to a virtual standstill in December after climbing 0.1% the month before. Other US economic reports are also coming in weaker then expected.
Originally posted here
