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 finally came to its senses as speculators ran for the hill. Crude ended the week at a multi month low of 98.55
Crude-oil fell to their lowest since mid-February as data showed that the U.S. economy created fewer jobs than expected in April, adding to worries about the health of the recovery.
Crude dropped $4.32, or 4.2%, to $98.21 a barrel. Weekly losses were hovering above 6%.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.8 million barrels from the previous week. At 375.9 million barrels, U.S. crude oil inventories are in the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 1.9 million barrels last week.
OPEC’s crude-oil output kept rising in April, as Iraq offset Iran’s production decline to a 20-year low, according to a Dow Jones survey. Crude production from the 12 members of the Organization of Petroleum Exporting Countries was up by 115,000 barrels a day from March
Major Economic Events for the past week actual v. forecast
|
AUD |
Interest Rate Decision |
3.75% |
4.00% |
4.25% |
|
USD |
ISM Manufacturing Index |
54.8 |
53.0 |
53.4 |
|
USD |
ADP Nonfarm Employment Change |
119K |
177K |
201K |
|
NZD |
Unemployment Rate |
6.7% |
6.3% |
6.4% |
|
EUR |
Interest Rate Decision |
1.00% |
1.00% |
1.00% |
|
USD |
Initial Jobless Claims |
365K |
380K |
392K |
|
USD |
Nonfarm Payrolls |
115K |
170K |
154K |
|
USD |
Unemployment Rate |
8.1% |
8.2% |
8.2% |
|
Ivey PMI |
52.7 |
61.0 |
63.5 |
Historical:
High: 114.57
Low: 76.84
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
|
May 7 |
7:00 |
CHF |
Foreign Currency Reserves |
237.5B |
|
7:15 |
CHF |
CPI m/m |
0.6% |
|
|
May 10 |
8:30 |
GBP |
Manufacturing Production m/m |
-1.0% |
|
11:00 |
GBP |
Official Bank Rate |
0.50% |
|
|
12:30 |
USD |
Trade Balance |
-46.0B |
|
|
12:30 |
USD |
Unemployment Claims |
365K |
|
|
May 11 |
8:30 |
GBP |
PPI Input m/m |
1.9% |
|
12:30 |
USD |
PPI m/m |
0.0% |
|
|
13:55 |
USD |
Prelim UoM Consumer Sentiment |
76.4 |
Originally posted here
