Crude Oil continued to edge off of last week’s highs to trade at 47.94 down by 14 cents while Brent Oil dipped 22 cents to 48.13. Oil prices regained
Crude Oil continued to edge off of last week’s highs to trade at 47.94 down by 14 cents while Brent Oil dipped 22 cents to 48.13. Oil prices regained ground somewhat yesterday after a report showed that crude inventories at the Cushing, Oklahoma delivery hub fell by about 979,000 barrels over the week to May 20. However, rising demand for the US dollar across the board on increasing June Fed rate hike expectations continues to weigh on the black gold. A stronger greenback makes dollar-denominated commodities more expensive in other currencies. Looking ahead, all eyes remain on the June 2 OPEC meeting in Vienna, with markets almost pricing-out a coordinated output freeze plan.
Crude oil futures retreated as a top Iranian oil official said the country would not join a proposed freeze on oil output by the world´s largest producers of crude until its exports had recovered to the levels seen before economic sanctions were placed on Tehran, in response to its nuclear arms program.
Rokneddin Javadi, the managing director of the National Iranian Oil Co., said the country´s exports would not surpass the 2.2m barrel a day mark until the middle of summer, the Mehr news agency reported.
Iranian exports jumped by over 40% to reach 2m barrels a day in April, according to the International Energy Association.
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
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Weekly Petroleum Status Report
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Upcoming Economic Events that you should be monitoring:
Wednesday, May 25, 2016
Cur. | Event | Actual | Forecast | Previous | |||
USD | API Weekly Crude Oil Stock | -1.140M | |||||
NZD | Trade Balance (YoY) (Apr) | -3,940M | -3,380M | ||||
NZD | Trade Balance (MoM) (Apr) | 60M | 117M | ||||
AUD | Construction Work Done (QoQ) (Q1) | -1.5% | -3.6% | ||||
EUR | EU Finance Ministers Meeting | ||||||
USD | Goods Trade Balance (Apr) | -60.10B | -56.90B | ||||
USD | FOMC Member Harker Speaks | ||||||
USD | Services PMI (May) | 53.1 | 52.8 | ||||
CAD | Interest Rate Decision | 0.50% | 0.50% | ||||
USD | Crude Oil Inventories | 1.310M | |||||
USD | FOMC Member Kashkari Speaks | ||||||
USD | FOMC Member Kaplan Speaks |
Government Bond Auctions
Date Time Country Auction
May 25 11:03 Sweden Sek 1bn 3.5% 2022 & Sek 3bn 1% 2026 bonds
May 25 11:05 Norway Holds bond auction
May 25 11:30 Germany Eur 1bn 2.5% Jul 2044 Bund
May 25 19:00 US Holds 5Yr Notes Auction, 2Yr FRN
May 26 11:10 Italy Announces details of bond auction
May 26 11:10 Italy Holds Zero-coupon/BTPei auction
May 26 17:20 Sweden Details of I/L auction on Jun 02
May 26 19:00 US Holds 7Yr Notes Auction
May 30 11:10 Italy Holds bond auction
Jun 01 10:30 Denmark Holds bond auction
Jun 01 11:30 Germany Eur 4bn Apr 2021 Bobl
Jun 01 11:30 UK 1.5% 2021 Gilt
Jun 01 17:20 Sweden Announces details of bond auction on Jun 08
Jun 02 10:30 Spain Holds bond auction
Jun 02 11:03 Sweden Holds I/L bond auction
Jun 02 11:50 France Holds bond auction