Crude & Brent Oil Fundamental Analysis August 20, 2014 Forecast

Analysis and Recommendations:

Crude Oil gained 41 points after yesterday’s tumble to trade at 94.16 while Brent Oil added 17 points to trade at an amazing low of 101.77. Crude was one of the better performers with the commodity gaining sharply both at the ICE and the NYMEX. Yesterday oil fell in the US following an even sharper fall in the Brent which slumped 1.9% to $101.60 a barrel, its lowest price since June 2013. Ease in supplies globally and moderate cool-off in tensions in the Ukraine region took a toll in international oil yesterday.

While overall bias continues to be weaker, technical analysis suggests commodity has moved moderately in over-sold phase and thus selling from current levels is not advisable. Also, initial forecasts over the US DoE Inventory data to be released this Wednesday depict fall in both Crude and gasoline stocks. This might provide some support against continued drop in the commodity in intraday. Though as said above, since the broader view backed by ample supplies globally remains weaker for the commodity.

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.

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.

Economic Data August 19, 2014 actual v. forecast – Asian session

 

Upcoming Economic Events that you should be monitoring

Government Bond Auction

Date Time Country 

Aug 28 Tentative              EUR       Italian 10-y Bond Auction

Sep 8    Tentative              EUR       Italian 10-y Bond Auction

Sep 10   6:01pm                USD       10-y Bond Auction

Sep 11 Tentative               EUR       German 10-y Bond Auction