Advertisement
Advertisement

Oil Fundamental Forecast – February 8, 2016

By:
Barry Norman
Published: Feb 5, 2016, 12:57 UTC

Analysis and Recommendations: Crude Oil climbed 48 cents today moving to 32.20 as it continues its ups and downs but ends just about where it has been

Oil Fundamental Forecast – February 8, 2016

oil friday bnsnla
Analysis and Recommendations:

Crude Oil climbed 48 cents today moving to 32.20 as it continues its ups and downs but ends just about where it has been since the first of the year. Brent Oil was up 38 cents at 34.84. Oil fell 2 percent in volatile trading on Thursday, as support from a weakening dollar was overshadowed by skepticism that cash-strapped OPEC member Venezuela’s effort to lobby crude producers for joint output cuts would succeed. The dollar extended its drop for a second day, making greenback denominated commodities cheaper for holders of other currencies, with the dollar index hitting a roughly 15-week low on continued doubts that the Federal Reserve would be able to hike interest rates this year.

Speculation about possible talks between the Organization of the Petroleum Exporting Countries and other oil producers to cut output increased volatility in the oil markets. Global benchmark Brent traded above $35 a barrel earlier in the session, adding to the previous session’s 7 percent jump, after an Iranian official was quoted as saying Tehran supported a meeting, raising hopes that they could take action to support prices despite widespread skepticism in the market.

Iran’s role in any potential deal to rein in production is critical, as it appears determined to boost production and gain market share after the lifting of sanctions. Venezuelan Oil Minister Eulogio del Pino said he had a “good and productive” meeting with his counterpart from Qatar, holder of the OPEC presidency in 2016, without giving more details.

FxEmpire provides in-depth analysis for each asset 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, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.

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
  AUD Retail Sales (MoM) (Dec)   0.5% 0.4%  
  USD Nonfarm Payrolls (Jan)   190K 292K  
  USD Unemployment Rate (Jan)   5.0% 5.0%  
  CAD Employment Change (Jan)   5.5K 22.8K  
  CAD Ivey PMI (Jan)   50.0 49.9

 

crude oil

Upcoming Economic Events that you should be monitoring:

Monday, February 8, 2016

Event        
  Holiday New Zealand – Waitangi (Observed)
  Holiday China – Lunar New Year

Government Bond Auctions

Date Time and Country

Feb 08 16:20 Italy Details of bond auction

Feb 09 11:00 Netherlands Holds DSL auction

Feb 09 11:00 Austria Holds bond auction

Feb 09 11:30 Germany Holds I/L bond auction

Feb 09 11:30 UK 0.125% 2026 Gilt linker auction

Feb 09 n/a UK Details of Gilt auction on Feb 17

Feb 09 19:00 US Holds 3-year note auction

Feb 10 11:30 Germany Euro 5bn Mar 2018 Schatz

Feb 10 17:20 Sweden Details of bond auction on Feb 17

Feb 10 19:00 US Holds 10-year note auction

Feb 11 N/A Italy Euro 4-5bn 30-yr syndicated bond auction

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

Feb 11 11:10 Italy Announces details of bond auction

Feb 11 11:30 UK 3.5% 2045 Gilt auction

Feb 11 19:00 US Holds 30-year bond auction

Feb 11 n/a US Details of 30-yr TIPS auction on Feb 18

Feb 12 11:10 France Details of bond auction on 18 Feb

 

 

About the Author

Did you find this article useful?

Advertisement