By FXEmpire.com
Analysis and Recommendations:
Crude Oil declined again today, trading at 83.78. Crude oil import from China has also increased by more than 10 percent in the month of May. Thus, rise in crude oil import from world’s second largest oil consuming nation may add some points in oil prices trend. Most importantly, oil market is waiting for the OPEC Meet on 14th June, where production quota will be declared. Iran and Venezuela have criticized other members of the cartel for producing more than the existing quota of 30 million barrels a day of oil. However, production quota cut is also an indication of lower demand, which may limit the gain in oil prices.
There are no major economic releases due for today to drive oil prices. Gains may be limited ahead of OPEC meet speculation.
The poor eco data out of China this weekend, brings up the subject of the slowdown in Chinese productions, which in turn will create weakness for Crude oil.
Last week the EIA reported exceptionally high inventories, close to a twenty year high. With a drop in demand and over production and inventories there is little to support crude at this time.
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 June 9-10-11, 2012 actual v. forecast ( today was very lite for all of Europe and the US. The Chinese Eco data, had the most effects on the markets )
|
Jun. 09 |
CNY |
Chinese CPI (YoY) |
3.0% |
3.2% |
3.4% |
|
|
CNY |
Chinese PPI (YoY) |
-1.4% |
-1.1% |
-0.7% |
||
|
CNY |
Chinese CPI (MoM) |
-0.3% |
-0.1% |
-0.1% |
||
|
CNY |
Chinese Fixed Asset Investment (YoY) |
20.1% |
20.0% |
20.2% |
||
|
CNY |
Chinese Industrial Production (YoY) |
9.6% |
9.9% |
9.3% |
||
|
CNY |
Chinese Retail Sales (YoY) |
13.8% |
14.3% |
14.1% |
||
|
Jun. 10 |
CNY |
Chinese Trade Balance |
18.70B |
16.30B |
18.40B |
|
|
Jun. 11 |
JPY |
BSI Large Manufacturing Conditions |
-5.7 |
-2.4 |
-7.3 |
|
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 |
Forecast |
Previous |
|
Jun 12 |
5:45 |
CHF |
|||
|
8:30 |
GBP |
0.9% |
|||
|
12:30 |
USD |
-0.5% |
|||
|
14:00 |
GBP |
0.1% |
|||
|
18:00 |
USD |
59.1B |
|||
|
Jun 13 |
7:15 |
CHF |
-0.1% |
||
|
9:00 |
EUR |
-0.3% |
|||
|
12:30 |
USD |
-0.2% |
|||
|
12:30 |
USD |
0.1% |
|||
|
14:00 |
USD |
0.3% |
|||
|
14:30 |
USD |
-0.1M |
|||
|
Jun 14 |
7:30 |
CHF |
|
|
|
|
7:30 |
CHF |
||||
|
7:30 |
CHF |
||||
|
8:00 |
CHF |
||||
|
8:00 |
EUR |
||||
|
9:00 |
EUR |
2.4% |
|||
|
12:30 |
USD |
377K |
|||
|
12:30 |
USD |
0.0% |
|||
|
12:30 |
USD |
-124B |
|||
|
Jun 15 |
8:30 |
GBP |
-8.6B |
||
|
12:30 |
USD |
17.1 |
|||
|
13:00 |
USD |
36.2B |
|||
|
13:15 |
USD |
79.2% |
|||
|
13:15 |
USD |
1.1% |
|||
|
13:55 |
USD |
79.3 |
Click here for updated Crude Oil News.
Originally posted here
