Tuesday, 17 May 2011

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Crude Oil Daily Fundamental Analysis for May 18, 2011

  • Tuesday, 17 May 2011
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  • Crude oil prices extended the losses on Tuesday after worse than expected data from the United States spread pessimism in global financial markets, where housing starts and building permits dropped in April below estimates, while industrial production was flat in April also below estimates. Crude oil prices declined and continued to trade below $100 a barrel.

    Crude oil prices seem to be on its way to drop further, where the current wave of pessimism continues to weigh down on crude oil prices, nevertheless, the EIA report for crude oil inventories will be released on Wednesday, and crude oil prices will move based on the actual figure, noting crude oil inventories are expected to rise.

    Wednesday 12:30, Canada will release the leading indicators index for the month of April, where the leading indicators increased in March by 0.8%, and the Canadian economy probably continued to improve in April.

    Wednesday 12:30, Canada will release the wholesale sales index for the month of March, where wholesales sales decreased by 0.6 percent in February, and expectations signal that wholesale sales rose by 1.5% in March.

    Wednesday, 14:30, The Department of Energy will release the weekly petroleum status for the week ending May 13, where the prior report showed that crude oil inventories increased by 3.8 million barrels, and Wednesday’s report is expected to show crude oil inventories rose by 1.7 million barrels.

    Wednesday 18:00, the FOMC Minutes will be released, where the FOMC is not expected to change the outlook, since economic activities in the United States remained rather the same, although we expect the Fed to signal an ongoing improvement in economic conditions, while also expressing concerns about rising energy prices.

    (Source: http://www.commoditiesmansion.com/fundamental-analysis/crude-oil-daily-fundamental-analysis-for-may-18-2011/)

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