Oil Fundamental Forecast – September 14, 2016

Crude Oil continued to decline giving up almost 2% again today. Oil is down 86 cents to 45.43 and Brent Oil us down 47.67. Global stockpiles will continue to accumulate through 2017, a fourth consecutive year of oversupply, due to declining demand in India and China, according to the IEA. OPEC also revised up its projections for rival supplies in 2017, predicting an increase in output from outside the group before major producers meet in Algiers for talks later this month.

U.S. data due Wednesday are forecast to show the country’s oil inventories rose by 4 million barrels last week, which would be the biggest increase since April.

“Inventories remain high, they’re well above five-year trend levels,” said David Lennox, a resources analyst at Fat Prophets in Sydney. “The market is just waiting to see what happens at the OPEC meeting. If there is a concrete deal and it’s actioned, we’d expect to see prices rally.”

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Upcoming Economic Events that you should be monitoring:

 September 14, 2016

Government Bond Auctions

Date Time Country Auction

Sep 13 11:00 Netherlands Eur 2-3bn 0% Jan 2022 DSL

Sep 13 11:10 Italy Holds bond auction

Sep 14 11:05 Norway Holds bond auction

Sep 14 11:30 UK 0.125% 2046 I/L Gilt

Sep 14 11:30 Germany Eur 1bn 2.5% Jul 2044 Bund

Sep 15 10:30 Spain Holds bond auction

Sep 15 11:03 Sweden Holds I/L bond auction

Sep 15 11:50 France Holds bond auction