Crude & Brent Oil Fundamental Analysis October 20, 2014 Forecast

By:

Updated: Aug 25, 2015, 01:00 UTC

Analysis and Recommendations: Crude Oil continued to gain today adding $1.35 continuing to rally after the drop in US inventory reported yesterday. Brent

Crude & Brent Oil Fundamental Analysis October 20, 2014 Forecast

Analysis and Recommendations:

Crude Oil continued to gain today adding $1.35 continuing to rally after the drop in US inventory reported yesterday. Brent Oil gained $1.09 to trade at 86.92 while crude oil touched 84.05 as the spread narrowed to less than $3. WTI crude held gains above $80 a barrel as Goldman Sachs Group Inc. said the market isn’t oversupplied. Brent was steady in London. Futures fluctuated in New York after rebounding 1.1 percent yesterday. The decline is “too much, too early” because a glut is yet to materialize.

Oil prices are trading higher by 1.5 percent and got some respite on Friday from a four-month rout, as Brent climbed by almost a dollar to above $86 a barrel after positive U.S. data buoyed global financial markets. Also, Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, plans to raise November exports from the Basrah Oil Terminal in the south by 400,000 barrels a day to 2.83 million. OPEC, which supplies about 40 percent of the world’s oil, boosted production in September to 30.47 million barrels a day, the most since August 2013, according to its monthly report on Oct. 10. That’s about 300,000 barrels a day more than the demand the group anticipates for its oil this quarter.

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:

There are no data releases scheduled Friday in Asian or European markets, focus will be on Janet Yellen’s speech later today

Cur.	Event	Actual	Forecast	Previous
USD	Building Permits (Sep)		1.029M	1.003M
USD	Building Permits (MoM)		2.8%	-5.1%
USD	Fed Chair Yellen Speaks
USD	Housing Starts (MoM)		4.8%	-14.4%
USD	Housing Starts (Sep)		1.004M	0.956