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Oil Fundamental Forecast – May 10, 2016
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Crude Oil gained 72 points as the wildfire in Canada continues to spread and firefighters said it could take months to extinguish. Crude is trading at
Crude Oil gained 72 points as the wildfire in Canada continues to spread and firefighters said it could take months to extinguish. Crude is trading at 45.38 closing down the spread with Brent. Brent Oil added 54 cents to trade 45.91. Crude oil prices today is showing gains at both the global benchmarks as the supply disruption continues in Canada halting around one million barrels per day of crude production.
As per the news sources, Canadian oil-sands producers Suncor Energy the country’s biggest energy company, Phillips 66 and Statoil ASA have declared force majeure. More than 80,000 people have evacuated till date on as the fire is reported to expand.
The imports data by the world’s second biggest crude consumer China. China’s imports of crude oil rose 7.6 percent in April from a year ago, customs data showed on Sunday. Strong demand from the local refiners has actually supported a surge in monthly data. As per General Administration of Customs, China imported 32.58 million tonnes of crude oil in April. On daily basis, April imports were 3.1 percent higher from March to 7.92 MBPD.
Apart from all this, Saudi’s oil minister got replaced by the prince’s ally. Al- Naimi who served as the minister for 20 years got replaced by Al- Falih who is also the chairman of state run company Aramco.
FxEmpire provides in-depth analysis for each asset 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, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.
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.
Upcoming Economic Events that you should be monitoring:
Tuesday, May 10, 2016
| Cur. | Event | Actual | Forecast | Previous | |||
| NZD | Electronic Card Retail Sales (MoM) | 0.1% | |||||
| GBP | BRC Retail Sales Monitor (YoY) (Apr) | -0.7% | |||||
| CNY | CPI (MoM) (Apr) | -0.2% | -0.4% | ||||
| CNY | CPI (YoY) (Apr) | 2.4% | 2.3% | ||||
| CNY | PPI (YoY) (Apr) | -3.8% | -4.3% | ||||
| GBP | Trade Balance (Mar) | -11.20B | -11.96B | ||||
| GBP | Trade Balance Non-EU (Mar) | -3.50B | -3.36B | ||||
| USD | JOLTs Job Openings (Mar) | 5.412M | 5.445M |
Government Bond Auctions
Date Time Country Auction
May 09 17:20 Italy Announces details of bond auction
May 09 N/A Ireland Details of bond auction on May 12
May 10 11:30 Germany Holds I/L bond auction
May 11 11:03 Sweden Holds bond auction
May 11 11:30 Germany Eur 5bn Jun 2018 Schatz
May 12 11:10 Italy Holds bond auction
May 12 17:20 Sweden Details of I/L auction on May 19
May 12 N/A Ireland Holds bond auction
About the Author
Barry Normanauthor
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