Oil Fundamental Forecast – September 6, 2016

Crude Oil added 82 points to trade at 44.97 and Brent Oil added 74 points to reach 47.57 with both benchmarks responding to headlines and comments over the weekend. There is and has been no changed to fundamentals. Russia is now thinking about privatizing its oil company taking cues from Saudi Arabia. In an effort to secure the highest valuations either company needs a steady secure oil price which will not be the goal of both nations at the OPEC meeting later this month.

Oil prices recovered from early losses this morning but traders moved cautiously after Russia and Saudi Arabia wrapped up a meeting on stabilizing the crude market but offered no details.  President Vladimir Putin met Deputy Crown Prince Mohammed bin Salman on the sidelines of the G20 in China yesterday.

They said they would work to address a global glut and overproduction that has hammered prices for the past two years.

However, they provided no information on how they would proceed, just weeks before Moscow and crude cartel OPEC meet in Algeria to discuss the crisis.

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Upcoming Economic Events that you should be monitoring:

 September 6, 2016

Government Bond Auctions

Date Time Country Auction

Sep 06 11:00 Austria Holds bond auction

Sep 06 11:30 UK 1.5% 2026 Gilt

Sep 06 11:30 Germany Holds I/L bond auction

Sep 07 10:30 Denmark Holds bond auction

Sep 07 11:03 Sweden Holds bond auction

Sep 07 11:30 Germany Eur 5bn 0% Aug 2026 Bund

Sep 08 11:00 Ireland Holds bond auction

Sep 08 17:20 Italy Announces details of bond auction