Crude & Brent Oil Fundamental Analysis October 17, 2014 Forecast

Analysis and Recommendations:

Crude Oil gave up $1.19 to trade at 80.59 as traders try to push the commodity below the 80 level. Brent Oil fell in unison to trade at 83.42 down 70 cents today.  Oil fell more than $1 a barrel on Thursday to a four-year low below $83 a barrel as growing concerns over the global economy stretched a four-month rout. Global benchmark Brent has lost more than 28 per cent since June on slow demand and abundant supply. Losses have accelerated in October on signals that the Organization of the Petroleum Exporting Countries has no plan to cut output.

Assets which depend on economic growth, such as shares and oil, have been hit by a raft of weak indicators from Europe at a time when other big economies, including China, Japan and Brazil face their own hardships.

At the same time, the U.S. Federal Reserve is set to wind down later this month the asset purchase program that has boosted markets over the past two years.

Global economic worries deepened this week after China’s consumer inflation fell to near five-year lows and U.S. producer prices declined for the first time in more than a year. The International Energy Agency also cut its global oil demand growth forecast for 2015.

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:

 

Upcoming Economic Events that you should be monitoring:

Government Bond Auction

Date Time Country Auction

Oct 20 12:00 Belgium OLO Auction

Oct 20 12:00 Slovakia Bond auction (for decision)

Oct 21 10:30 Spain 3 & 9M T-bill auction

Oct 21 11:00 Norway Bond auction

Oct 21 11:00 UK Auctions 2.75% 2024 Gilt

Oct 22 11:30 Germany Eur 2.0bn Aug 2046 Bund auction

Oct 23 11:03 Sweden I/L bond auction

Oct 23 17:00 US Announces 2/5/7Y Note & 2Y FRN auctions on Oct 28/29/30 & 29

Oct 23 17:30 Italy Announces details of BTPei/CTZ auctions on Oct 28

Oct 23 19:00 US 30Y TIPS auction

Oct 24 17:30 Italy Announces details of BOT auction on Oct 29