Analysis and Recommendations: Crude Oil is flat at 42.96 with the US on holiday while Brent Oil declined 35 points ahead of next week’s OPEC meeting.
Crude Oil is flat at 42.96 with the US on holiday while Brent Oil declined 35 points ahead of next week’s OPEC meeting. Brent oil is at 45.82. Weekly data from the U.S. Department of Energy showed weekly crude oil stocks up 961,000 barrels versus a forecast rise of 1.2 million barrels, a slightly less bearish figure than expected. However gasoline stockpiles rose faster than expected and distillate inventories gained in the face of the forecast of a fall highlighting the scale of over-supply. Despite the gains in recent sessions Brent is still down 8.2 percent this month and more than 20 percent this year, and analysts said there was unlikely to be any substantial recovery in the coming days. A gain in the dollar, which rose to an eight month high against a basket of currencies, also weighed on prices of oil. OPEC is determined to keep pumping oil vigorously despite the resulting financial strain, even on the policy’s chief architect, Saudi Arabia, alarming weaker members who fear that prices may slump further towards $20.
Previously, the Organization of Petroleum Exporting Countries led by Saudi Arabia, was vocal about not limiting production amid weakening global demand. Such actions further aggravate the price of the ‘black gold’ which lost more than 50 percent in value since 2014. The situation is expected to worsen when Iran pledged to start exporting oil again shortly after the economic sanctions by western countries have been lifted post nuclear agreement with the United States.
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 |
|
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|
United States – Thanksgiving Day |
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NZD |
Trade Balance (MoM) (Oct) |
-963M |
-937M |
-1,222M |
|
||
NZD |
Trade Balance (YoY) (Oct) |
-3,240M |
-3,370M |
-3,200M |
|
||
AUD |
Private New Capital Expenditure |
-9.2% |
-3.0% |
-4.4% |
|||
EUR |
GfK German Consumer Climate |
|
9.2 |
9.4 |
Upcoming Economic Events that you should be monitoring:
Friday, November 27, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
|
||
|
United States – Day following Thanksgiving – Early close at 13:30 |
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JPY |
Household Spending (MoM) (Oct) |
|
1.1% |
-1.3% |
|
||
JPY |
Household Spending (YoY) (Oct) |
|
0.1% |
-0.4% |
|
||
JPY |
Jobs/applications ratio (Oct) |
|
1.24 |
1.24 |
|
||
JPY |
National Core CPI (YoY) (Oct) |
|
-0.1% |
-0.1% |
|
||
JPY |
Tokyo Core CPI (YoY) (Nov) |
|
-0.1% |
-0.2% |
|
||
GBP |
Nationwide HPI (MoM) (Nov) |
|
0.5% |
0.6% |
|
||
GBP |
Nationwide HPI (YoY) (Nov) |
|
4.2% |
3.9% |
|
||
GBP |
Business Investment (QoQ) (Q3) |
|
1.5% |
1.6% |
|
||
GBP |
GDP (YoY) (Q3) |
|
2.3% |
2.3% |
|
||
GBP |
GDP (QoQ) (Q3) |
|
0.5% |
0.5% |
Government Bond Auctions
Date Time Country
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