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Analytics, News, and Forecasts for CFD Markets: raw news — 05-12-2012.
Today, for most of trading oil prices were rising, correcting after yesterday's fall. But the situation has changed after the report from the government showed that crude oil inventories fell last week. Given these data, the cost of oil has fallen sharply, updating the yesterday's low.
As we learned from the report of the Ministry of Energy, crude oil inventories in the week ended Nov. 30, fell by 2.4 million barrels, or 0.6%, to the level of 371.8 million barrels, which is 10.8%, compared with last year. Note that analysts expected stocks to decrease by only 1.25 million barrels.
The same time, gasoline inventories rose by 7.9 million barrels, or 3.8%, to 212.1 million barrels, which is 1.3% lower than last year. It was expected that gasoline supplies to increase by 2 million barrels.
Also, the data showed that gasoline demand in the four weeks ended Nov. 30, up 0.1% from a year earlier, and has averaged 8.6 million barrels per day.
Note that the average U.S. refineries operated at 90.6% of the total capacity, which is 2 percentage points higher than the previous week. Analysts had expected the capacity will increase to the level of 89.2%.
In addition, stocks of distillate fuel, which include diesel and heating oil, rose by 3 million barrels and reached the level of 115.1 million barrels, while analysts had expected distillate stocks to increase by only 800,000 barrels.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 87.90 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell $ 0.80 to $ 109 per barrel on the London Stock Exchange ICE Futures Europe.
The price of gold continued to fall, updating the yesterday's low, down with below $ 1690, which was caused by a stronger dollar, as well as technical pressure.
Note that the volume of sales increased as prices for the precious metal fell below its 100-day moving average at $ 1,698 an ounce, as well as the breakdown of support at $ 1,690.64 per troy ounce.
Also pressured gold has a "dead end" in talks to avoid the so-called "financial cliff", which is expressed in the tax increases and spending cuts at the beginning of next year.
Analysts note that while the basis for gold strong, especially considering the position of the adaptive Fed, the positive momentum seems to have disappeared for now. They also claim that it is still waiting for a rebound from these levels, although the odds are in favor of a deeper retracement increased, which may be due to "fatigue" of investor fatigue.
We observe today the euro surrendered earlier positions gained against the dollar, as the disappointing results of the Spanish auction and weak economic data for the euro zone prompted investors to lock in profits after recent gains.
Also today, the shares were supported by comments on the background of the new leader of China, who noted that the Chinese government will focus its efforts on stabilizing exports and make their policies more targeted and effective.
In addition, many investors expect the release of the employment in the non-agricultural sector of the U.S., which will be published on Friday, as well as meetings of the Federal Reserve policy makers next week
December futures price of gold on the COMEX is now 1685 an ounce.
Change % Change Last
Oil $88.44 -0.06 -0.07%
Gold $1,697.50 +1.70 +0.10%
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