Oil Fundamental Analysis – December 2, 2015 – Forecast

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Updated: Dec 1, 2015, 12:36 UTC

Analysis and Recommendations: Crude Oil added 9 points to trade at 41.73 while Brent Oil climbed to 44.67 as traders wait for the OPEC meeting on the 4th.

Oil Fundamental Analysis – December 2, 2015 - Forecast

Analysis and Recommendations:

Crude Oil added 9 points to trade at 41.73 while Brent Oil climbed to 44.67 as traders wait for the OPEC meeting on the 4^th. Headlines and comments are the only thing effecting price movement at this time as all fundamentals are bearish.

Activity in China’s manufacturing sector contracted more than expected in November, an official survey showed on Tuesday. The official Purchasing Managers’ Index (PMI) stood at 49.6 in November, compared with the previous month’s reading of 49.8 and below the 50-point mark that separates growth from contraction on a monthly basis.

Crude oil prices rose today as the dollar eased slightly, but with OPEC widely expected to stick to its output target this week, concern about oversupply remained in focus. The European Central Bank is set to announce its latest policy decision on Thursday, OPEC’s decision on output is due on Friday along with U.S. monthly jobs numbers, meaning oil prices have been hemmed into a range of no more than $4 for the last week.

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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
CNY	Manufacturing PMI (Nov)	49.6	49.8	49.8
CNY	Caixin Manufacturing PMI (Nov)	48.6	48.3	48.3
AUD	Interest Rate Decision (Dec)	2.00%	2.00%	2.00%
AUD	RBA Rate Statement
GBP	BoE Gov Carney Speaks
EUR	German Manufacturing PMI (Nov)	52.9	52.6	52.6
EUR	German Unemployment Change (Nov)	-13K	-5K	-7K
GBP	Manufacturing PMI (Nov)	52.7	53.6	55.2

Upcoming Economic Events that you should be monitoring:

Wednesday, December 2, 2015

Cur.	Event	Actual	Forecast	Previous
AUD	GDP (QoQ) (Q3)		0.7%	0.2%
AUD	GDP (YoY) (Q3)		2.3%	2.0%
USD	FOMC Member Brainard Speaks
GBP	Construction PMI (Nov)		58.2	58.8
EUR	Core CPI (YoY) (Nov)		1.1%	1.1%
EUR	CPI (YoY) (Nov)		0.2%	0.1%
USD	FOMC Member Lockhart Speaks
USD	ADP Nonfarm Employment Change		190K	182K
USD	Fed Chair Yellen Speaks
USD	Nonfarm Productivity (QoQ) (Q3)		2.2%	1.6%
USD	Unit Labor Costs (QoQ) (Q3)		1.1%	1.4%
USD	FOMC Member Tarullo Speaks
USD	Crude Oil Inventories		-1.125M	0.961M
USD	Fed Chair Yellen Speaks
USD	Beige Book
USD	FOMC Member Williams Speaks