Analysis and Recommendations:
Crude Oil continues to fall, trading at 105.47 down 1.25. The drop in crude also came as the IEA said in its monthly report that it expects global oil demand to grow 0.9% in 2012, as the economic backdrop and high oil prices restrain any upside momentum for consumption.
The agency projects global daily demand of 89.9 million barrels in 2012.
The report also showed that global oil supply fell 200.000 barrels a day in February, with the highest output level for OPEC since 2008 only partly offsetting a decline from non-OPEC countries.
Geopolitical concerns about potential losses related to Iran add more uncertainty for crude outlook, the agency said. U.S. crude oil inventories increased by 1.8 million barrels in the week ended March 9, missing estimates for a 2.0 million barrel increase. U.S. crude supplies rose by 0.8 million barrels in the preceding week.
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 Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3