Crude & Brent Oil Fundamental Analysis October 8, 2014 Forecast

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Updated: Aug 24, 2015, 23:00 UTC

Analysis and Recommendations: Crude Oil fell 48 cents to trade at 89.86 while Brent Oil gave up 59 cents to reach 92.20 as the spread continues to narrow.

Crude & Brent Oil Fundamental Analysis October 8, 2014 Forecast

Analysis and Recommendations:

Crude Oil fell 48 cents to trade at 89.86 while Brent Oil gave up 59 cents to reach 92.20 as the spread continues to narrow. The spread is just under $2.50. The strengthened greenback has sent commodity prices skidding in recent weeks amid heightened speculation that the U.S. Federal Reserve could move to hike rates sooner than expected. On Monday, the U.S. dollar weakened while the euro strengthened after hitting 26-month lows.

As oil production swells, demand falters and prices slide, the global oil appears on the verge of a pivotal shift from an era of scarcity to one of abundance.

Oil prices have fallen as much as 20 percent since June, despite a host of rising supply risks, leading more investors and traders to consider whether 2015 is the year in which the U.S. shale oil boom finally tips the world into surplus.

While the plunge has rekindled speculation that the Organization of the Petroleum Exporting Countries (OPEC) may need to cut output for the first time in six years when it meets next month, some analysts are looking much further ahead.

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
NZD	NZIER Business Confidence (Q3)	19%		32%
AUD	Interest Rate Decision (Oct)	2.50%	2.50%	2.50%
AUD	RBA Rate Statement
EUR	German Industrial Production	-4.0%	-1.5%	1.6%
JPY	BoJ Press Conference
GBP	Industrial Production (MoM)	0.0%	0.2%	0.4%
GBP	Manufacturing Production	0.1%	0.1%	0.3%
CAD	Building Permits (MoM) (Aug)		-13.0%	11.8%
USD	JOLTs Job Openings (Aug)		4.71M	4.67M

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
JPY	Adjusted Current Acct.		0.19T	0.10T
JPY	Current Account n.s.a.		0.198T	0.417T
CNY	HSBC Services PMI (Sep)		53.8	54.1
JPY	BoJ Monthly Report
CAD	Housing Starts (Sep)		196.0K	192.4K
USD	FOMC Meeting Minutes