Crude Oil Fundamental Analysis May 9, 2012, Forecast

By FXEmpire.com

Analysis and Recommendations:

Crude Oil continues to fall on weak eco data from around the globe and on the back of worries over the eurozone political situation and the future of the euro as well as growing concerns over austerity measures and public outcries.

With high inventories, and reduced demand, oil should remain low, until the eco data gives an indication of positive growth; there is a lot of data due out the end of the week from China which might give a better picture.

The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to increase by 2.0 million barrels for the week ending on 4^th May 2012

Eco Data for May 8, 2012, a very thin day

GBP	RICS House Price Balance	-19%	-10%	-10%
AUD	Trade Balance	-1.59B	-1.40B	-0.75B
CAD	Housing Starts	245K	204K	215K

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

May 10	08:30	EUR	Dutch CPI (YoY)	2.40%	2.50%
09:00	EUR	ECB Monthly Report
09:30	GBP	Industrial Production (MoM)	-0.3%	0.4%
09:30	GBP	Manufacturing Production (MoM)	0.5%	-1.0%
09:30	GBP	Trade Balance	-9.6B	-8.8B
12:00	GBP	Interest Rate Decision	0.50%	0.50%
12:00	GBP	BOE QE Total	325B	325B
13:30	USD	IImport Price Index (MoM)	-0.2%	1.3%
13:30	USD	Trade Balance	-50.0B	-46.0B
13:30	USD	Initial Jobless Claims	369K	365K
13:30	USD	Continuing Jobless Claims	3278K	3276K
14:30	USD	Fed Chairman Bernanke Speaks
15:00	GBP	NIESR GDP Estimate	0.1%
19:00	USD	Federal Budget Balance	30.0B	-198.2B
May 11	00:01	GBP	Nationwide Consumer Confidence	53
07:00	EUR	German CPI (MoM)	0.1%	0.1%
09:30	GBP	PPI Input (MoM)	-1.0%	1.9%
10:00	EUR	Portuguese CPI (MoM)	1.20%
13:30	USD	Core PPI (MoM)	0.3%
13:30	USD	PPI (MoM)	0.0%
14:55	USD	Michigan Consumer Sentiment	76.4

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 to read Crude Oil Technical Analysis.

Originally posted here