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Crude & Brent Oil Fundamental Analysis – November 26, 2015 – Forecast

By:
Barry Norman

Analysis and Recommendations: Crude Oil reversed earlier gains to fall 70 cents to 42.17 while Brent Oil gave up 66 cents to 45.46. Crude prices lost

Crude & Brent Oil Fundamental Analysis – November 26, 2015 – Forecast

Crude & Brent Oil Fundamental Analysis – November 26, 2015 - Forecast
Crude & Brent Oil Fundamental Analysis – November 26, 2015 - Forecast
Analysis and Recommendations:

Crude Oil reversed earlier gains to fall 70 cents to 42.17 while Brent Oil gave up 66 cents to 45.46. Crude prices lost ground in early trade Wednesday despite rising tension in the oil-producing region, underscoring the market’s continued concerns about unrelenting global surplus. Oil prices rose 3% on Tuesday as tensions in the Middle East escalated following the downing of a Russian fighter jet near the Syrian-Turkish border, and a weaker dollar provided an incentive for investors to buy more oil.

Turkey said it had downed a Russian fighter jet near the Syrian border, saying it had repeatedly violated its air space, one of the most serious publicly acknowledged clashes between a NATO member country and Russia for half a century.

Crude oil futures rose on Tuesday after Saudi Arabia pledged to work towards oil price stability, while a strong U.S. dollar and an expected rise in US crude stocks kept the gains in check. Saudi Arabia led a shift by the Organization of the Petroleum Exporting Countries (OPEC) in November 2014 to defend market share against competing supplies, rather than cut output to prop up prices.

The kingdom’s cabinet said on Monday, though, it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability, days before OPEC meets to review its year-long policy of not supporting prices.

Yet some doubted the Saudi comment would lead to any significant change in policy.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

WEEKLY

This Week in Petroleum
Release Schedule: Wednesday @ 1:00 p.m. EST (schedule)

Gasoline and Diesel Fuel Update
Release Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule)

Weekly Petroleum Status Report
Release 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.

Today’s economic releases:

Cur.

 

Event

Actual

Forecast

Previous

 

  USD

 

API Weekly Crude Oil Stock

2.600M

-0.200M

-0.482M

 

 

  JPY

 

Monetary Policy Meeting Minutes

 

 

 

 

 

  AUD

 

Construction Work Done (QoQ) (Q3)

-3.6%

-2.1%

2.1%

   

  GBP

 

BBA Mortgage Approvals

 45.4

45.5K

44.5K

 

 

  AUD

 

RBA Assist Gov. Debelle Speaks 

 

 

 

   

 

crude oil

Upcoming Economic Events that you should be monitoring:

Wednesday, November 26, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

 

 

 

United States – Thanksgiving Day

  NZD

 

Trade Balance (MoM) (Oct)

 

-937M

-1,222M

 

 

  NZD

 

Trade Balance (YoY) (Oct)

 

-3,370M

-3,200M

 

 

  AUD

 

Private New Capital Expenditure

 

-3.0%

-4.0%

 

 

  EUR

 

GfK German Consumer Climate (Dec)

 

9.2

9.4

   

Government Bond Auctions

Date Time Country

Nov 25 11:03 Sweden Sek 4bn 1% Nov 2026 bond

Nov 25 11:10 Italy Auctions CTZ/BTPei

Nov 25 11:30 Germany Eur 3bn 1.0% Aug 2025 Bund

Nov 25 17:30 US Usd 35bn 2-year FRN

Nov 25 19:00 US Usd 29bn 7-year note

Nov 26 11:03 Sweden Sek 5bn 1% Nov 2026 bond exchange

Nov 27 11:03 Sweden 1.5% Nov 2023 bond exchange, 1% Nov 2026 bond exchange

Nov 27 11:10 Italy Auctions BTPs

Nov 27 N/A Spain Announces details of 03 Dec

Nov 30 11:03 Sweden Holds bond auction

Dec 01 11:30 UK 1.5% 2021 Gilt auction

Dec 02 16:30 Sweden Announces details of Bond on 11 Dec

Dec 03 10:30 Spain Auctions

Dec 03 10:50 France Auctions OATs

Dec 03 11:03 Sweden Holds I/L bond auction

Dec 04 11:03 Sweden Holds I/L bond auction

 

 

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