By FXEmpire.com
Analysis and Recommendations:
Crude Oil added 0.91 today to move back over the 90.00 price to trade at 90.81.
After positive meeting with Iran and successful negotiations to inspect the nuclear military facility, world tensions have fallen to a low. Inventories as reported yesterday increased close a million barrels pushing to a 22 year high.
Reduced growth estimates and continued economic problems plague Europe and are causing a slowdown in China, which in turn reduces the demand for oil.
With OPEC producing higher than needed quantities and Libya now producing more than even, Iraq can now handle and export more due to their two floating platforms, it is now estimated the Iran can double its production. With civil unrest reduced in the oil producing nations, it looks like supply will outweigh demand and we will shortly see a worldwide oil glut.
Rumors have surfaced that the negotiations with Iran have hit a stumbling block, have not been substantiated, but none the less should not have any major effect on the price of crude.
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 for May 24, 2012 actual v. forecast
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
May 24 |
03:30 |
CNY |
Chinese HSBC Mfg PMI |
48.70 |
49.30 |
|
|
07:00 |
EUR |
German GDP (QoQ) |
0.5% |
0.5% |
0.5% |
|
|
07:00 |
EUR |
German GDP (YoY) |
1.7% |
1.7% |
1.7% |
|
|
07:58 |
EUR |
French Manufacturing PMI |
44.4 |
47.0 |
46.9 |
|
|
08:28 |
EUR |
German Manufacturing PMI |
45.0 |
47.0 |
46.2 |
|
|
09:00 |
EUR |
German Ifo Business Climate |
106.9 |
109.4 |
109.9 |
|
|
09:00 |
EUR |
Manufacturing PMI |
45.0 |
46.1 |
45.9 |
|
|
09:00 |
EUR |
German Current Assessment |
113.3 |
117.4 |
117.5 |
|
|
09:00 |
EUR |
German Business Expectations |
100.9 |
102.0 |
102.7 |
|
|
09:30 |
GBP |
BBA Mortgage Approvals |
32.4K |
32.3K |
31.9K |
|
|
09:30 |
GBP |
Business Investment (QoQ) |
3.6% |
3.2% |
-3.3% |
|
|
09:30 |
GBP |
GDP (QoQ) |
-0.3% |
-0.2% |
-0.2% |
|
|
09:30 |
GBP |
GDP (YoY) |
-0.1% |
0.0% |
0.0% |
|
|
13:30 |
USD |
Core Durable Goods Orders |
-0.6% |
0.9% |
-0.8% |
|
|
13:30 |
USD |
Durable Goods Orders (MoM) |
0.2% |
0.5% |
-3.7% |
|
|
13:30 |
USD |
Initial Jobless Claims |
370K |
370K |
372K |
|
|
13:30 |
USD |
Continuing Jobless Claims |
3260K |
3250K |
3289K |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
May 25 |
6:00 |
EUR |
5.6 |
|
|
7:15 |
CHF |
4.04M |
||
|
TBD |
ALL |
|||
|
13:55 |
USD |
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)
Click here a current Crude Oil Chart.
Originally posted here
