Oil Weekly Fundamental Analysis – April 18-22, 2016 -Forecast

Crude Oil suffered a huge loss at the end of the week to close at 40.41 but ended the week with a gain of 1.74% ahead of the DOHA meeting on Sunday. Fox News said that following a scheduled meeting in the deserts of Doha, Qatar on Sunday, global oil markets will have more clarity about where some of the world’s biggest producers stand on their willingness to help ease the global supply glut that’s plagued the market for nearly two years.

Confirmed participants to the meeting include officials from the Organization of the Petroleum Exporting Countries (OPEC) and others including Iraq, Kuwait, Saudi Arabia, Russia, and Mexico. Participants will meet to try and hash out a deal aimed at implementing a production freeze at January levels to try and stem nearly two years of falling oil prices amid ramped up production from all corners of the globe.

UPI analysts said on Friday that pessimism from the World Bank, coupled with jitters ahead of a weekend meeting for oil producers in Doha, pushed the price of crude oil sharply lower.

Panelists gather at the World Bank headquarters late Friday in New York to address how lower crude oil prices are impacting the global economy.

“Despite low interest rates, global growth has remained low driven by a simultaneous slowdown in most emerging markets, falling commodity prices, and flagging trade and capital flows,” a statement from the World Bank issued before the meeting read.

Early this week, the International Monetary Fund said the baseline forecast for global economic growth this year was a “modest” 3.2 percent, a forecast that’s 0.2 percent below its last estimate from January. On Friday, the U.S. Federal Reserve said industrial production declined 0.6 percent in March for the second straight month of losses. First quarter industrial production in the United States was 2.2 percent lower year-on-year. Mining and utilities are behind much of the loss.

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 recent analysis and information in our weekly reports and we provide daily updates and outlooks.

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.

Major Economic Events for the week:

Government Bond Auctions

Date Time       Country           Auction

Apr 18 11:00 Belgium Holds OLO auction

Apr 18 13:00 Norway Details of bond auction on Apr 20

Apr 20 11:05 Norway Holds bond auction

Apr 20 11:30 Germany Eur 4bn 0.5% Feb 2026 Bund

Apr 20 17:20 Italy Details of BTP€i auction

Apr 20 17:20 Sweden Details of bond auction on Apr 27

Apr 21 10:30 Spain Holds bond auction

Apr 21 11:03 Sweden Holds I/L bond auction

Apr 21 11:50 France Holds bond auction

Apr 21 19:00 US Holds 5-year TIPS auction

Apr 22 17:20 Italy Announces details bond auction