Oil Fundamental Analysis – Forecast for the week of September 19, 2016

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Published: Sep 17, 2016, 06:54 UTC

Crude Oil closed at 43.23 down almost 6% for the week and down3.25% for the year. As the producers meeting draws near traders do not think that the

Oil Fundamental Analysis – Forecast for the week of September 19, 2016

Crude Oil closed at 43.23 down almost 6% for the week and down3.25% for the year. As the producers meeting draws near traders do not think that the participants will be able to meet an agreement. Even if they freeze production their current levels are at record highs. Brent oil is trading at 46.02 down 4% for the week. There were few signs of recovery in the oil price this week as sentiment remained dampened and fresh supplies of oil from Libya and Nigeria were anticipated on the market.

In early trading on Friday, Brent crude was priced close to US$46 with WTI above US$43 a barrel. The sluggish state of the global economy continues to confound the market and worry the key players in the energy sector.

Everyone was banking on nearer term growth in global oil demand and while demand keeps growing, it has slowed down to a less than inspiring rate.

The International Energy Agency and OPEC released their monthly oil market reports this week with OPEC expecting moderate economic growth to continue.

The organization anticipates that oil demand will rise by 1.23 million barrels a day for 2016.

The IEA said oil demand in Asia was “wobbling” and said it expected demand to grow at around 1.3 million barrels, down about 100,000 barrels a day from its previous estimate.

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This Week’s Economic Events That You Should Be Monitoring:

Date	Country	Name	Volatility	Previous
9/20/2016	AUD	RBA Meeting’s Minutes	3
9/20/2016	CAD	BoC Governor Poloz	3
9/21/2016	AUD	Mid-Year Economic Outlook	3
9/21/2016	JPY	BoJ Interest Rate Decision	3	-0.1
9/21/2016	JPY	BoJ Monetary Policy Statement	3
9/21/2016	JPY	BoJ Press Conference	3
9/21/2016	USD	FOMC Economic Projections	3
9/21/2016	USD	Fed’s Monetary Policy Statement	3
9/21/2016	USD	Fed Interest Rate Decision	3	0.5
9/21/2016	USD	FOMC Press conference	3
9/21/2016	NZD	RBNZ Interest Rate Decision	3	2
9/22/2016	EUR	ECB President Draghi’s Speech	3
9/23/2016	AUD	RBA’s Governor Lowe Speech	3