Crude & Brent Oil Fundamental Analysis September 17, 2014 Forecast

Analysis and Recommendations:

Crude Oil is down 18 cents finding a new low at 91.81 as Brent oil also continues to fall. Brent Oil is trading at 97.81 as the reduction in global growth by the OECD reduced implied demand. Prices were little changed, having earlier lost as much as 0.4 percent in New York. U.S. crude inventories probably shrank by 1.5 million barrels last week to 357.1 million, according to a Bloomberg News survey before data from the Energy Information Administration tomorrow. Federal Reserve officials meet to review policy from today.

Brent crude oil was slightly weaker, staying under $98 a barrel on Tuesday, pressured by weak economic data from the world’s biggest energy consumers which pointed to weak demand growth at a time of strong supply.

Growing supply from Libya, where output has increased to nearly 1 million barrels per day, has coincided with weaker-than-expected economic data from China and the United States.

Crude stocks were predicted to have fallen 1.8 million barrels on average last week, according to a preliminary Reuter’s survey of six analysts conducted ahead of weekly inventory reports from industry group American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).

Russia is also expected to cut exports of seaborne Russian Urals and ESPO crude oil blends by 6.2 per cent to 50.17 million tonnes in the last three months of the year from t ..

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.

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Today’s economic releases actual vs. forecast:

 

Upcoming Economic Events that you should be monitoring:

Government Bond Auction

Date Time Country 

Sep 17 09:03 Sweden Bond auction

Sep 17 09:30 Germany Eur 4.0bn Sep 2016 Schatz auction

Sep 18 08:30 Spain Bono/Obligacion auction

Sep 18 09:30 Ireland T-bill auction

Sep 18 15:00 US Announces details of 2/5/7Y

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