Crude & Brent Oil Fundamental Analysis December 20, 2013 Forecast

Analysis and Recommendations:

Crude Oil climbed above 98 dollars to trade at 98.07 after a drop in inventory and Federal Reserve upgrade of US GDP and its rosy forecast for 2014.  Brent Oil added 7 points today trading at 109.70 as the spread narrowed to under $12. Crude oil closed with a gain of $0.88.  Crude stockpiles at Cushing, Oklahoma, the biggest US oil-storage hub and the delivery point for West Texas Intermediate (WTI) futures, declined by 600,000 barrels to 40.6 million barrels in the week ended December 13, the Energy Information Administration (EIA) data show. Total crude supplies were forecast to fall by 3.5 million barrels, according to the median estimate of nine analysts in a Bloomberg News survey.

Gasoline inventories increased by 1.34 million barrels, said the EIA, the Energy Department’s statistical arm. They were projected to climb by 1.5 million barrels, according to the survey. Distillate stockpiles, including heating oil and diesel, dropped by 2.11 million barrels, compared with a forecast for no change. A measure of US gasoline consumption advanced 8% to 9.02 million barrels, the EIA said. That was the first increase in six weeks.

 Futures were little changed in New York, after rising 0.6 percent yesterday, while Brent advanced as much as 0.7 percent in London. U.S. crude inventories shrank by 2.94 million barrels in the seven days ended Dec. 13, falling for a third week, according to data yesterday from the Energy Information Administration. The Fed is trimming its monthly bond purchases to $75 billion from $85 billion, starting in January, amid greater job-market prospects, Chairman Ben S. Bernanke said.

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 December 19, 2013 actual v. forecast

 

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Government Bond Auction

Date Time Country 

Dec 20 16:30 Italy