Oil Fundamental Forecast – August 26, 2016

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Published: Aug 25, 2016, 10:52 UTC

Crude Oil recovered some of yesterday’s losses but there is no real support for prices as they move on hopes and dreams and rumors. WTI oil is trading at

Oil Fundamental Forecast – August 26, 2016

Crude Oil recovered some of yesterday’s losses but there is no real support for prices as they move on hopes and dreams and rumors. WTI oil is trading at 47.06 and Brent Oil at 49.31. Both benchmarks remain below recent highs. Oil climbed more than 20% to enter a bull market last week amid speculation that supplier talks in September in Algiers may lead to action to stabilize the market. The world’s biggest producers are fighting for market share as prices are still at half the level of two years ago. Saudi Arabia pumped 10.67mn bpd on average in July, while Russia’s output was 11.01mn bpd, according to the Organization of Petroleum Exporting Countries.

China bought more oil from Russia than from Saudi Arabia from March through May, according to the customs data. For all of last year, Russia’s share was 12.6% against Saudi Arabia’s 15.1%.

Iran says it still hasn’t decided whether it will attend informal OPEC talks in Algiers next month, two weeks after the group announced plans to meet.

Iran might delay making a decision until the day before the gathering, a spokesman for the country’s Oil Ministry said, asking not to be identified. Two OPEC delegates, who also asked not to be identified discussing a private matter, said Iran has written to fellow members confirming it will participate.

Crude prices struggled for direction as the surprise build in U.S. crude inventories last week disappointed investors and renewed concerns about the oversupplied oil market.

U.S. commercial stockpiles of crude oil and refined products increased by 6.6 million barrels in the week ended Aug. 19 to a record 1.4 billion barrels, the Energy Information Administration said, an indication that the global glut of crude that has weighed on prices for two years has yet to fully shrink.

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August 26, 2016

Country	Name	Volatility	Previous
JPY	Tokyo CPI ex Food, Energy (YoY)	2	0.3
JPY	Tokyo CPI ex Fresh Food (YoY)	2	-0.4
JPY	Tokyo Consumer Price Index (YoY)	2	-0.4
JPY	National CPI Ex-Fresh Food (YoY)	2	-0.5
JPY	National CPI Ex Food, Energy (YoY)	2	0.4
JPY	National Consumer Price Index	2	-0.4
EUR	Gfk Consumer Confidence Survey	2	10
GBP	GDP (YoY)	2	2.2
GBP	GDP (QoQ)	2	0.6
USD	GDP Annualized	2	1.2
USD	GDP Price Index	2	2.2
USD	Personal Consumption (QoQ)	2	1.9
USD	Core Personal Consumption (QoQ)	2	1.7
USD	Markit PMI Composite	2
USD	Baker Hughes US Oil Rig Count	2