Crude & Brent Oil Fundamental Analysis October 30, 2014 Forecast

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Updated: Aug 25, 2015, 07:00 UTC

Analysis and Recommendations: Crude Oil gained 81 cents to trade at 82.23 touching its highest point in a week while Brent Oil added $1.03 to reach 87.04

Analysis and Recommendations:

Crude Oil gained 81 cents to trade at 82.23 touching its highest point in a week while Brent Oil added $1.03 to reach 87.04 as traders bought up the cheap commodity as the US dollar weakened.
The price of Brent crude oil increased above $86 a barrel today ahead of the Federal Reserve statement on the US monetary policy. A private sector report has unveiled that US consumer confidence increased in October to its highest level since October 2007, following improvement in the job market views.

Data by the American Petroleum Institute (API) has revealed that US gasoline and distillate stocks declined by 3.7 million barrels and 3 million barrels respectively. US crude inventories increased 3.2 million barrels last week, slightly below analysts’ expectations of a 3.4 million barrel rise.

The US Department of Energy’s Energy Information Administration (EIA) is due to unveil its data on oil stocks later today. Major investment banks have cut their forecasts for Brent following sharp declines in the recent weeks.

Falling oil prices could push half of U.S. tight-oil production out of the market, OPEC’s secretary-general said Wednesday, suggesting the group expects an end to a global oil glut that has driven oil prices down by 25% to about $85 a barrel in recent months.

Speaking at the Oil and Money conference in London, Abdalla Salem el-Badri, OPEC’s secretary-general, said, “At this price, 50% of tight oil will be out of the market.”

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
JPY	Industrial Production	2.7%	2.2%	-1.9%
NZD	Business Confidence	26.5%		13.4%
CAD	RMPI (MoM) (Sep)		-1.0%	-2.2%
USD	FOMC Statement
USD	Fed Funds Target Rate		0.25%	0.25%

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
NZD	RBNZ Rate Statement
AUD	HIA New Home Sales			3.3%
GBP	Nationwide HPI (MoM)		0.3%	-0.2%
GBP	MPC Member Cunliffe
EUR	Spanish GDP (QoQ)		0.5%	0.6%
EUR	German Unemployment		5K	13K
EUR	German Unemployment		6.7%	6.7%
USD	GDP (QoQ) (Q3)		3.0%	4.6%
USD	GDP Price Index (QoQ)		2.0%	2.1%
USD	Initial Jobless Claims		283K	283K
USD	Fed Chair Yellen
EUR	German CPI (MoM)		-0.1%	0.0%