Analysis and Recommendations:
Crude Oil is available at 106.78, opening today at 106.54. Oil slid around all day staying in a tight range as negative and positive news balanced each side off. The ongoing worries from Iran, matched the news from China, where Premier Wen Jiabao, in his annual state-of-the nation report to China's parliament, reduce growth for 2012 of 7.5 percent. That would be the slowest pace of expansion since 1990 and well down on last year's 9.2 percent growth rate. Lower growth, lower demand on oil. Continuing worries over the final Greek outcome continues to worry investors.
President Obama, in his strongest comments so far over the Iranian situation, came out and said directly that he would not hesitate to attack Iran before he would allow them to arm themselves with nuclear weapons.
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