Oil Weekly Fundamental Analysis – week of May 30, 2016

Crude Oil ended the week at 49.32 seeing a gain of 3.85% for the week as Nigeria and Canada production remained off line. Traders are looking towards the big OPEC meeting on June 2^nd.  Prices also came under pressure from a strong U.S. dollar, buoyed by generally positive U.S. economic data amid growing expectations of a near-term increase in interest rates.

Oil pushed through $50 for the first time in around seven months on Thursday after supply disruptions from Canadian wildfires and militant attacks in Nigeria helped cut daily output by 4 million barrels.

The spotlight during the OPEC meeting will be on unity between Saudi Arabia and Iran as interaction between the two exporting nations has declined. Saudi Arabia is operating under a new oil minister, and Iran is pumping close to pre-sanctions levels. The Saudis maintain their aggressive stance in OPEC and are keeping producers on the hook as they look to gain additional traction for the proposed listing of Aramco, the state-owned oil company.

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: