Analysis and Recommendations: Crude Oil tumbled another 83 cents today to trade at 80.29 and looked likely to fall below the $80 price level while Brent
Crude Oil tumbled another 83 cents today to trade at 80.29 and looked likely to fall below the $80 price level while Brent Oil fell 95 cents to reach 85.29. OPEC countries boosted oil output to a 14-month high in October as crude futures sank into a bear market, a Bloomberg survey showed yesterday.
Production by the 12-member Organization of Petroleum Exporting Countries climbed by 53,000 barrels a day to 30.974 million, led by gains in Iraq, Saudi Arabia and Libya, according to the survey of oil companies, producers and analysts. Last month’s total was revised 14,000 barrels a day lower to 30.921 million because of changes to the Iraqi, Kuwaiti, Nigerian and Qatari estimates.
Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according to seven respondents in a Bloomberg survey of traders. Six people forecast prices to be unchanged and two predict an increase.
Saudi Arabia’s decision may signal whether the biggest producers in the Organization of Petroleum Exporting Countries will offer bigger discounts to defend market share as the highest U.S. output in three decades boosts global supplies.
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 actual vs. forecast:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
JPY |
Household Spending |
1.5% |
1.9% |
-0.3% |
|
|
|
JPY |
National Core CPI (Sep) |
3.0% |
3.0% |
3.1% |
|
|
|
JPY |
Tokyo Core CPI (Oct) |
2.5% |
2.5% |
2.6% |
|
|
|
AUD |
PPI (QoQ) (Q3) |
0.2% |
0.2% |
-0.1% |
|
|
|
EUR |
German Retail Sales |
-3.2% |
-1.0% |
1.5% |
||
|
JPY |
BoJ Press Conference |
|
|
|
|
|
|
EUR |
French Consumer |
-0.8% |
-0.3% |
0.9% |
||
|
EUR |
Italian CPI (MoM) |
0.1% |
-0.2% |
-0.4% |
|
|
|
EUR |
CPI (YoY) (Oct) |
0.4% |
0.4% |
0.3% |
|
|
|
EUR |
Unemployment Rate |
11.5% |
11.5% |
11.5% |
|
|
|
USD |
Core PCE Price Index |
|
0.1% |
0.1% |
|
|
|
CAD |
GDP (MoM) (Aug) |
|
0.0% |
0.0% |
|
|
|
USD |
Chicago PMI (Oct) |
|
60.0 |
60.5 |
|
|
|
USD |
UM Consumer Sent |
|
86.4 |
86.4 |
Upcoming Economic Events that you should be monitoring:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
AUD |
AIG Manufacturing |
|
|
46.5 |
|
|
|
AUD |
Building Approvals |
|
|
3.0% |
|
|
|
CNY |
Non-Manufacturing PMI |
|
|
54.0 |
|
|
|
CNY |
HSBC Mfg. PMI |
|
|
50.4 |
|
|
|
EUR |
Spanish Manufacturing |
|
|
52.6 |
|
|
|
EUR |
Italian Manufacturing |
|
50.7 |
50.7 |
|
|
|
EUR |
French Manufacturing |
|
47.3 |
47.3 |
|
|
|
EUR |
German Manufacturing |
|
51.8 |
51.8 |
|
|
|
EUR |
Manufacturing PMI |
|
50.7 |
50.7 |
|
|
|
GBP |
Manufacturing PMI |
|
|
51.6 |
|
|
|
USD |
ISM Employment |
|
55.0 |
54.6 |
|
|
|
USD |
ISM Manufacturing PMI |
|
56.7 |
56.6 |
Government Bond Auction
Date Time Country Auction
Nov 03 10:00 Norway T-bill auction
Nov 04 10:15 Austria RAGB auction
Nov 04 10:30 Belgium 3 & 6M T-bill auction (Feb & Apr 2015)
Nov 04 10:30 UK Auctions 0.5% 2050 I/L Gilt
Nov 05 10:30 Germany Eur 4.0bn Oct 2019 Bobl auction
Nov 06 09:30 Spain Bono/Obligacion auction
Nov 06 10:03 Sweden I/L bond auction
Nov 06 11:00 Norway Announces details of bond auction on Nov 11
Nov 07 16:30 Italy Announces details of BOT auction on Nov 12