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According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +2.87 mmb to 1073.97 mmb in the week ended May 11. Crude stockpile increased +2.12 mmb to 381.64 mmb as stockpiles all 5 PADDs. Cushing stock alone rose +1.00 mmb to 45.13 mmb. Utilization rate increased +1.9% to 88.3%.

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Crude Oil Inventory Soared More than Expected Last Week

Gold drops further to as low as 1526.7 so far today and there is no sign of bottoming yet. Intraday bias remains on the downside for 1523.9 and then 1500 psychological level. On the upside, above 1564.4 minor resistance will turn bias neutral and bring consolidations. But break of 1613 support turned resistance is ended to signal reversal. Otherwise, we’ll stay bearish even in case of recovery.

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Gold Daily Technical Outlook

Silver’s decline continues today and reaches as low as 27.18 so far. Intraday bias remains on the downside and current decline is still expected to continue to 26.145 support and below. On the upside, above 28.43 minor resistance will turn bias neutral and bring consolidation first. But upside should be limited below 31.09 support turned resistance and bring another fall.

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Silver Daily Technical Outlook

Crude oil drops further to as high as 91.81 so far today and there is no sign of bottoming yet. Mentioned 92.52 support already met. Intraday bias remains on the downside for 90 psychological level and below. Though, we’re expecting support from 61.8% retracement of 74.95 to 100.55 at 88.55 on initial attempt to bring recovery. So we’ll start to look for bottoming signal. On the upside, above 95.48 should flip bias back to the upside for a test on 100.68 support turned resistance.

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Crude Oil Daily Technical Outlook

No change in natural gas’ outlook. With 2.276 minor support intact, rebound from 1.902 is still in favor to continue higher. But considering loss of momentum, as seen in bearish divergence condition in 4 hours MACD, we’d expect resistance at around 2.742 and bring pull back. Meanwhile, below 2.276 will argue that rebound from 1.902 has completed and will flip bias back to the downside for retesting 1.902 low.

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Natural Gas Daily Technical Outlook

8:30am USD Building Permits 8:30am USD Housing Starts 9:15am USD Capacity Utilization Rate 9:15am USD Industrial Production m/m 10:00am EUR ECB President Draghi Speaks 10:00am USD Mortgage Delinquencies 10:30am USD Crude Oil Inventories Forecast1.5M Previous 3.7M 2:00pm USD FOMC Meeting Minutes Statistics: Posted by Bon — Wed May 16, 2012 4:30 am

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Daily News Events • 16th May

The Greek situation deteriorated sharply and the IMF’s hint higher possibility that the debt-ridden country may leave the Eurozone triggered deposit withdrawal of around 700M euro. Financial markets tumbled with stocks, high-risk currencies and commodities plummeted. On a positive note, economy in the 17-nation Eurozone proved to be better than expected in 1Q12. Yet, leading indicators showed that the region would not escape from contraction in the second quarter. In the US, investors appeared to be encouraged by retail sales and manufacturing data. This gave some support to the market.

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IMF Signals Possibility of Greece’s Exit

Gold’s decline is still in progress and bias remains on the downside for 1523.9 support and below. On the upside, above 1572 minor resistance will turn bias neutral and bring consolidation. But recovery should be limited below 1623.6 support turned resistance and bring fall resumption.

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Gold Daily Technical Outlook

With 29.10 minor resistance intact, bias in silver remains on the downside. Current fall is expected to continue to 26.145 support and below. On the upside, above 29.10 minor resistance will turn bias neutral and bring consolidations. But upside should be limited below 31.09 support turned resistance and bring another fall.

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Silver Daily Technical Outlook

Bias in crude oil remains on the downside for mentioned 92.52 support which is near term 50% retracement of 74.95 to 100.55 at 92.75, and below. As noted before, we’d anticipate support from 61.8% retracement at 88.55 on initial attempt to bring recovery and thus will look for bottoming signal below 92.52. On the upside, above 95.79 will turn bias neutral and bring consolidations. But , break of 100.68 resistance is needed to signal short term bottoming. Otherwise, we’ll stay bearish.

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Crude Oil Daily Technical Outlook