Crude
Crude Oil Fundamental Analysis February 10, 2012, Forecast

Crude Oil Fundamental Analysis February 10, 2012, Forecast

Economic Events: (GMT)

WEEKLY

 

Analysis and Recommendations:

Crude Oil moved up  for a third session, as an austerity agreement in Greece and a decline in U.S. jobless claims fanned hopes of greater demand for oil.

Crude was up $1.06, or 1.1%, to $99.79 a barrel on the New York Mercantile Exchange. It reached as high as $100.18 a barrel earlier.

Jobless claims dropped by 15,000 to a seasonally adjusted 358,000 in the week ended Feb. 4, the Labor Department said. That's near a four-year low. This was great news for the US as the data supported last weeks data that unemployment had dropped to 8.3% from 8.5%. This news should spur a round of consumer confidence and help spending in the US. This also supports economists statements that the US economy is turning around.

In Greece, the Prime Minister was able to get a commitment from the various political parties to support the austerity measures. Now it is time for the formalities.

 Thursdays Economic Reports ( actual v. forecast )

AUD

NAB Quarterly Business Confidence 

1.00

 
 
 

-3.00

 
 

KRW

South Korean Interest Rate Decision 

3.25%

 

3.25%

 

3.25%

 
 

CNY

Chinese CPI (YoY) 

4.5%

 

4.0%

 

4.1%

 
 

CNY

Chinese PPI (YoY) 

0.7%

 

0.8%

 

1.7%

 
 

CHF

SECO Consumer Climate 

-19

 

-22

 

-24

 
 

GBP

Industrial Production (MoM) 

0.5%

 

0.2%

 

-0.5%

 
 

GBP

Manufacturing Production (MoM) 

1.0%

 

0.3%

 

-0.1%

 
 

GBP

Trade Balance 

-7.1B

 

-8.4B

 

-8.9B

 
 

GBP

Interest Rate Decision 

0.50%

 

0.50%

 

0.50%

 
 

EUR

Interest Rate Decision 

1.00%

 

1.00%

 

1.00%

 
 

USD

Initial Jobless Claims 

358K

 

370K

 

373K

 
 

EUR

ECB Press Conference 

 
 
 
 
 
 
 

USD

Continuing Jobless Claims 

3515K

 

3525K

 

3451K

 
 

MXN

Mexican CPI (YoY) 

4.0%

 

4.0%

 

3.8%

 
 

GBP

NIESR GDP Estimate 

-0.2%

 
 
 

-0.2%

 
 

Crude Oil Pivot Points (Time Frame: 1 Day)
 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
97.2800
97.9600
98.8400
99.5200
100.400
101.080
101.960

Fibonacci
97.9600
98.5559
98.9241
99.5200
100.116
100.484
101.080

Camarilla
99.2910
99.4340
99.5770
99.5200
99.8630
100.006
100.149

Woodie's
-
98.0100
98.9400
99.5700
100.500
101.130
-

DeMark's
-
-
100.740
99.6900
99.1800
-
-