By FXEmpire.com

Analysis and Recommendations:

Crude Oil added a few cents but is holding close to the open at 79.38 as most of the focus over the next few days will be the EU Summit, even though no actual results are expected, more grand schemes with lots of promises for tomorrows. Crude is stuck in a difficult situation, global production remains high and global growth continues to decline, leaving little room for price action for crude, outside of geopolitical tensions. Even if tensions grow between Iran and the west, oil supply and supply chains have already been moved in place to prepare for the July 1st embargo.

Today, South Korea announced that it will no longer purchase Iranian oil, the country has been slowly making the change over, but was able to cease entirely in time for the embargo.

Greece continues to ask for an exception to the embargo, which is continually denied.

Markets wait for inventories from the EIA due tomorrow.

The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline by 0.7 million barrels for the week ending on 22nd June 2012.

Markets are basically ignoring the API inventory projections as they have not been close to accurate in a very long time.

Gasoline stocks are expected to increase by 0.9 million barrels and distillate inventories are also expected to gain by 1.0 million barrels for the same week.

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)

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.

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Previous

Jun 27

All Day

EUR

German Prelim CPI m/m

-0.2%

8:30

GBP

BBA Mortgage Approvals

32.4K

10:00

GBP

CBI Realized Sales

21

12:30

USD

Durable Goods Orders m/m

0.2%

14:00

USD

Pending Home Sales m/m

-5.5%

14:30

USD

Crude Oil Inventories

Jun 28

7:55

EUR

German Unemployment Change

0K

8:30

GBP

Current Account

-8.5B

8:30

GBP

BOE Credit Conditions Survey

8:30

GBP

Final GDP q/q

-0.3%

12:30

USD

Unemployment Claims

12:30

USD

Final GDP q/q

1.9%

23:01

GBP

GfK Consumer Confidence

-29

Jun 29

29th-4th

EUR

German Retail Sales m/m

0.6%

6:45

EUR

French Consumer Spending m/m

0.6%

7:00

CHF

KOF Economic Barometer

0.81

8:00

EUR

M3 Money Supply y/y

2.5%

9:00

EUR

CPI Flash Estimate y/y

2.4%

12:30

USD

Core PCE Price Index m/m

0.1%

12:30

USD

Personal Spending m/m

0.3%

13:45

USD

Chicago PMI

52.7

13:55

USD

Revised UoM Consumer Sentiment

74.1

Click here a current Crude Oil Chart.

Originally posted here