Crude & Brent Oil Fundamental Analysis – November 11, 2015 – Forecast

Analysis and Recommendations:

Crude Oil gave up early morning gains to trade flat at 43.88 after losing 2% on Monday. Brent Oil  is down 20 cents as Iraq turns up production was the global  glut continues with longer term fears after the OECD downgraded growth on Monday. Brent oil is trading at 47.72. On the other hand, “the U.S. economy is running on its own steam now and in a position where the Federal Reserve deems that a small interest rate hike is not going to damage confidence in the economy”, said Mr. le Brun. According to Scotland-based energy consultancy Wood Mackenzie, oil companies have put over $200 billion spending on hold as crude oil prices hover around $50 a barrel, down from $114 a barrel in mid-2014, The Wall Street Journal reported. Diesel futures are up 1 percent to $1.5017 a gallon. It could until next year before the economic growth and rising demand for gasoline take center stage in the oil market. Dow and S&P 500 futures each added 0.4%. Crude oil prices were on track to post weekly losses on Friday as an oversupply of physical oil and a strong dollar bedeviled the market.

Next week, traders will be looking for guidance from monthly data issued by the U.S. Energy Information Administration (EIA), the Organization of the Petroleum Exporting Countries (OPEC) and the global Energy Agency (IEA). OPEC is unwilling to cut production unless non-OPEC rivals do likewise, according to reports.

Another fall in the Baker Hughes North American rig count did little to shore up prices. The number of rigs has fallen sharply since oil prices started falling previous year, and the number of operational rigs has fallen 64% since a peak of 1,609 last October.

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:

 

Upcoming Economic Events that you should be monitoring:

Wednesday, November 11, 2015

Government Bond Auctions

Date Time Country

Nov 09 13:00 Norway Details bond auction on 11 Nov

Nov 09 16:30 Italy Announces details of BTPs/CCTeu on 12 Nov

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

Nov 10 11:00 Holland Eur 2.0-3.0bn 0% Apr 2018 DSL

Nov 10 11:30 UK 0.125% 2058 I/L Gilt auction

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

Nov 11 11:03 Sweden Holds bond auction

Nov 11 11:30 Germany Eur 3bn 0.25% Oct 2020 Bobl

Nov 11 12:15 Norway Holds bond auction

Nov 12 11:10 Italy Auctions BTPs/CCTeus

Nov 12 11:30 UK 4.25% 2039 Gilt auction

Nov 12 19:00 US Holds 30-year bond auction

Nov 18 11:30 Germany New Eur 5bn Dec 2017 Schatz

Nov 18 10:30 UK 2% 2025 Gilt auction

Nov 18 10:30 Portugal Eur 1-1.25bn; bond auction

Nov 18 15:30 Sweden Announces details of Bond on 25 Nov

Nov 18 N/A Holland Announces details of Bond on 24 Nov

Nov 19 09:30 Spain Auctions Bonos/Obligaciones

Nov 19 10:50 France Auctions BTANs

Nov 19 11:50 France Auctions OATi

Nov 19 N/A US Holds 10-year TIPS auction

Nov 20 16:30 Italy Announces details of CTZ/BTPei on 25 Nov