Economic Events: (GMT)
- This Week in PetroleumRelease Schedule: Wednesday @ 1:00 p.m. EST (schedule)
- Gasoline and Diesel Fuel UpdateRelease Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule)
- Weekly Petroleum Status ReportRelease 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)
- Heating Oil & Propane Update (October-March) Heating Oil, Propane Residential and Wholesale Price DataRelease Schedule: Wednesday at 1:00 p.m. EST
- Weekly Coal ProductionRelease Schedule: Thursday by 5:00 p.m. EST
- Weekly NYMEX Coal FuturesRelease Schedule: Monday by 5:00 p.m. EST
- Coal News & MarketsRelease Schedule: Monday by 5:00 p.m. EST
- Natural Gas Weekly UpdateRelease Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
- Weekly Natural Gas Storage ReportRelease Schedule: Thursday at 10:30 (Eastern Time) (schedule)
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
Wage Price Index (QoQ)
Credit Card Spending (YoY)
French CPI (MoM)
French Manufacturing PMI
French Services PMI
German Manufacturing PMI
German Services PMI
Taiwanese GDP (YoY)
Italian CPI (MoM)
MPC Meeting Minutes
Industrial New Orders (MoM)
German 2-Year Schatz Auction
MBA Mortgage Applications
Spanish Trade Balance
Belgium NBB Business Climate
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3