By FXEmpire.com
Introduction: Crude Oil is considered the king of the commodities markets.
The Strategic Petroleum Reserve is the United States’ emergency oil stockpile, and it is the largest emergency petroleum supply in the world. The reserve stores about 570 million barrels of crude oil in underground salt caverns at four sites along the Gulf of Mexico. Any dipping into this reserve is going to be big news.
Brent Crude is traded in London as something called Futures contracts, which are priced in US Dollars. Now, all you traders brave enough to run your positions over a period of days or weeks, pay attention
Most commonly traded is the NYMEX where you find West Texas Crude. It is also traded in USD.
Weekly Analysis and Recommendation:
Crude Oil continued to climb this week only briefly responding to threats from the Obama administration that the President was reconsidering plans to release the strategic reserves. Crude oil ended the week at 96.17
As global political tensions mount, compounded with a decrease in weekly inventory reported this week, crude oil has been able gain momentum. Also was the positive attitude in the markets commodities have been trading up.
Overall it was a quiet summer week with little volume and little news flow as investors take a break before the September madness.
|
Date |
Open |
High |
Low |
Change % |
|
|
Aug 17, 2012 |
96.17 |
95.31 |
96.28 |
94.99 |
0.92% |
|
Aug 16, 2012 |
95.30 |
94.36 |
95.73 |
93.94 |
0.99% |
|
Aug 15, 2012 |
94.36 |
93.18 |
94.90 |
92.70 |
1.31% |
|
Aug 14, 2012 |
93.14 |
92.59 |
93.92 |
92.58 |
0.61% |
|
Aug 13, 2012 |
92.58 |
93.25 |
94.14 |
92.07 |
-0.70% |
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 recent analysis and information in our weeklyreports and we provide daily updates and outlooks.
Major Economic Events for the week of August 13-17, 2012 actual v. forecast for Euro, GPB, the Franc, and USD
|
Date |
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Aug 14 |
8:30 |
GBP |
CPI y/y |
2.6% |
2.3% |
2.4% |
|
9:00 |
EUR |
German ZEW Economic Sentiment |
-25.5 |
-19.4 |
-19.6 |
|
|
12:30 |
USD |
Core Retail Sales m/m |
0.8% |
0.4% |
-0.8% |
|
|
12:30 |
USD |
PPI m/m |
0.3% |
0.3% |
0.1% |
|
|
12:30 |
USD |
Retail Sales m/m |
0.8% |
0.3% |
-0.7% |
|
|
Aug 15 |
8:30 |
GBP |
Claimant Count Change |
-5.9K |
6.2K |
1.0K |
|
8:30 |
GBP |
MPC Meeting Minutes |
0-0-9 |
0-0-9 |
0-0-9 |
|
|
12:30 |
USD |
Core CPI m/m |
0.1% |
0.2% |
0.2% |
|
|
Aug 16 |
8:30 |
GBP |
Retail Sales m/m |
0.3% |
0.0% |
0.8% |
|
12:30 |
USD |
Building Permits |
0.81M |
0.77M |
0.76M |
|
|
12:30 |
USD |
Unemployment Claims |
366K |
365K |
364K |
|
|
14:00 |
USD |
Philly Fed Manufacturing Index |
-7.1 |
-4.7 |
-12.9 |
|
|
Aug 17 |
13:55 |
USD |
Prelim UoM Consumer Sentiment |
73.6 |
72.5 |
72.3 |
Historical: From 2010 to Present
Highest: 114.81 on May 02, 2011
Average: 89.58 over this period
Lowest: 67.17 on May 25, 2010
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)
Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Aug 21 |
8:30 |
GBP |
Public Sector Net Borrowing |
12.1B |
|
10:00 |
GBP |
CBI Industrial Order Expectations |
-6 |
|
|
Aug 22 |
14:00 |
USD |
Existing Home Sales |
4.37M |
|
14:30 |
USD |
Crude Oil Inventories |
-3.7M |
|
|
18:00 |
USD |
FOMC Meeting Minutes |
||
|
Aug 23 |
6:00 |
CHF |
Trade Balance |
2.25B |
|
7:00 |
EUR |
French Flash Manufacturing PMI |
43.4 |
|
|
7:00 |
EUR |
French Flash Services PMI |
50.0 |
|
|
7:30 |
EUR |
German Flash Manufacturing PMI |
43.0 |
|
|
7:30 |
EUR |
German Flash Services PMI |
50.3 |
|
|
8:00 |
EUR |
Flash Manufacturing PMI |
44.0 |
|
|
8:00 |
EUR |
Flash Services PMI |
47.9 |
|
|
8:30 |
GBP |
BBA Mortgage Approvals |
26.3K |
|
|
10:00 |
GBP |
CBI Realized Sales |
11 |
|
|
12:30 |
USD |
Unemployment Claims |
366K |
|
|
13:00 |
USD |
Flash Manufacturing PMI |
51.4 |
|
|
14:00 |
USD |
New Home Sales |
350K |
|
|
Aug 24 |
8:30 |
GBP |
Revised GDP q/q |
-0.7% |
|
8:30 |
GBP |
Prelim Business Investment q/q |
1.9% |
|
|
12:30 |
USD |
Core Durable Goods Orders m/m |
-1.1% |
|
|
12:30 |
USD |
Durable Goods Orders m/m |
1.6% |
|
|
13:00 |
EUR |
Belgium NBB Business Climate |
-11.3 |
Click here for updated Crude Oil News.
Originally posted here
