Crude & Brent Oil Fundamental Analysis – August 4, 2015 – Forecast

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Updated: Aug 3, 2015, 10:35 UTC

Analysis and Recommendations: Crude Oil continue its decline dropping 76 cents to 46.36 touching its lowest point in 2015 after the Saudi’s continue to

Crude & Brent Oil Fundamental Analysis – August 4, 2015 - Forecast

Analysis and Recommendations:

Crude Oil continue its decline dropping 76 cents to 46.36 touching its lowest point in 2015 after the Saudi’s continue to pump larger quantities and the US rig count climbed last week. Brent Oil fell $1.14 to 51.07as traders begin to think about $50 oil prices. Commodities and currencies of resource-rich countries fell, led by oil and the ruble, as signs of weakness in China’s economy depressed shares in Shanghai. European stocks rose on earnings and Greek equities tumbled as the market reopened.

An official gauge of Chinese manufacturing released at the weekend slid to a five-month low, and Iran claimed it will be able to bolster crude production a week after sanctions are lifted.

A Reuter’s survey on Friday showed that Saudi Arabia and other big oil producers in the Middle East, members of the Organization of the Petroleum Exporting Countries, were not wavering in their quest for market share over prices.

According to the survey, OPEC pumped more than 32 million barrels per day this month, up 140,000 bpd from June, reaching the highest monthly level in recent history. Iran can raise oil output by 500,000 barrels a day within a week of the end of sanctions, according to comments by Oil Minister Bijan Namdar Zanganeh reported by the state-run Islamic Republic News Agency.

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 up to the data analysis and information in our weekly reports.

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
	Canada – Civic Holiday
CNY	Caixin Manufacturing PMI (Jul)	47.8	48.3	48.2
EUR	German Manufacturing PMI (Jul)	51.8	51.5	51.5
GBP	Manufacturing PMI (Jul)	51.9	51.6	51.4

Upcoming Economic Events that you should be monitoring:

Tuesday, August 4, 2015

Cur.	Event	Actual	Forecast	Previous
AUD	Retail Sales (MoM) (Jun)		0.5%	0.3%
AUD	Interest Rate Decision (Aug)		2.00%	2.00%
GBP	Construction PMI (Jul)		58.4	58.1