Economic Events: (GMT)

WEEKLY

 

Crude

Crude Oil Fundamental Analysis February 23, 2012, Forecast

Analysis and Recommendations:

Crude Oil is currently trading  down at 105.92 at this writing declining slightly on a higher dollar, markets continue to worry about European and Chinese data, and as questions about Iran's nuclear program continued to cloud the global oil supply outlook. Greece continues to unnerve investors compounded by supply chain disruptions caused by Iranians response to the EU embargo.

Sales of U.S. existing homes rose 4.3% in January and inventories fell to nearly seven-year lows, as lower prices, unusually warm weather and an improving economy all lifted demand.

The National Association of Realtors said Wednesday that January sales were at a seasonally adjusted annual rate of 4.57 million, compared to economist forecast of 4.7 million. Sales rose in all four major regions, including an 8.8% pop in the West.

Chesapeake Energy Corp. said it plans to more than double its oil and liquids production by 2015 as the natural gas giant aims to become one of top five U.S. oil producers.

Chesapeake and other oil and gas companies are fleeing natural gas fields amid a supply glut that has brought prices to low levels not seen in years. Chesapeake said it plans to produce about 250,000 barrels a day of oil and natural gas liquids by 2015, up from about 104,000 barrels a day in the fourth quarter.

 Wednesday February 22, 2012 Economic Reports     actual v. forecast

 

 AUD

 
 
 

Wage Price Index (QoQ)

1.0%

 

0.8%

 

0.7%

 
 

 

NZD

 
 
 

Credit Card Spending (YoY)

3.1%

 
 
 

5.9%

 
 

 

EUR

 
 
 

French CPI (MoM)

-0.4%

 

0.3%

 

0.4%

 
 

 

EUR

 
 
 

French Manufacturing PMI 

50.2

 

48.7

 

48.5

 
 

 

EUR

 
 
 

French Services PMI 

50.3

 

51.9

 

52.3

 
 

 

EUR

 
 
 

German Manufacturing PMI 

50.1

 

51.5

 

51.0

 
 

 

EUR

 
 
 

German Services PMI 

52.6

 

53.8

 

53.7

 
 

 

TWD

 
 
 

Taiwanese GDP (YoY)

1.9%

 

1.9%

 

1.9%

 
 

 

EUR

 
 
 

Italian CPI (MoM)

0.3%

 

0.3%

 

0.3%

 
 

 

EUR

 
 
 

Manufacturing PMI 

49.0

 

49.4

 

48.8

 
 

 

EUR

 
 
 

Services PMI 

49.4

 

50.7

 

50.4

 
 

 

GBP

 
 
 

MPC Meeting Minutes

 
 
 
 
 
 
 

 

EUR

 
 
 

Industrial New Orders (MoM)

1.9%

 

0.6%

 

-1.1%

 
 

 

EUR

 
 
 

German 2-Year Schatz Auction

0.250%

 
 
 
 
 
 

 

USD

 
 
 

MBA Mortgage Applications

-4.5%

 
 
 

-1.0%

 
 

 

EUR

 
 
 

Spanish Trade Balance

-4.50B

 

-3.10B

 

-2.70B

 
 

 

EUR

 
 
 

Belgium NBB Business Climate

-7.7

 

-8.5

 

-9.5

 
 

Crude Oil Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
103.020
103.830
104.870
105.680
106.720
107.530
108.570

Fibonacci
103.830
104.537
104.973
105.680
106.387
106.823
107.530

Camarilla
105.401
105.571
105.740
105.680
106.080
106.249
106.419

Woodie's
-
103.888
104.985
105.738
106.835
107.588
-

DeMark's
-
-
107.125
105.883
105.275
-
-