Crude & Brent Oil Fundamental Analysis October 14, 2014 Forecast

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Updated: Aug 25, 2015, 00:00 UTC

Analysis and Recommendations: Crude Oil continued to tumble touching 84.57 today down by $1.25 while Brent Oil outpaced crude oil falling $1.76 to trade

Analysis and Recommendations:

Crude Oil continued to tumble touching 84.57 today down by $1.25 while Brent Oil outpaced crude oil falling $1.76 to trade at 88.82 as Iraq and Saudi Arabia seem to be entering into a price war while OPEC continues record high production. Oil prices fell further in the European session on Monday morning as the price war between members of the Organisation of the Petroleum Exporting Countries intensified.

Iraq became the latest member of the organization that represents some of the world’s largest producers to offer larger discounts to the main benchmarks.
The Middle Eastern nation cut the November price of its Basrah Light crude grade for Asian and European customers by US65 cents, following similar moves by other OPEC members, including Saudi Arabia and Iran. The round of price cuts have sparked speculation that the group is heading toward a price war as booming global supply and sluggish demand leave the market more competitive.

What trades really need to know is whether Saudi Arabia and some fellow OPEC allies have finally decided that there is no point in fighting the price slide in the face of such an overwhelming supply excess

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
	Holiday	Japan – Health-Sports Day
	Holiday	Canada – Thanksgiving Day
CNY		Exports (YoY) (Sep)	15.3%	11.8%	9.4%
CNY		Imports (YoY) (Sep)	7.0%	-2.7%	-2.4%
CNY		Trade Balance (Sep)	31.00B	41.00B	49.83B

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
AUD	RBA Asst Gov. Debelle
CNY	New Loans		750B	703B
EUR	French CPI		-0.3%	0.4%
EUR	French HICP		-0.3%	0.5%
EUR	Spanish CPI		0.2%	0.2%
GBP	CPI (MoM) (Sep)		0.2%	0.4%
GBP	CPI (YoY) (Sep)		1.4%	1.5%
GBP	PPI Input (MoM) (Sep)		-0.4%	-0.6%
EUR	Italian CPI (MoM) (Sep)		-0.3%	-0.3%
EUR	Industrial Production		-1.6%	1.0%