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Crude & Brent Oil Analysis Forecast, June 05, 2015 – Forecast

Crude & Brent Oil Fundamental Analysis, June 05, 2015 - Forecast

Crude & Brent Oil Fundamental Analysis, June 05, 2015 – Forecast

Analysis and Recommendations (Crude Forecast):

Crude Oil dipped another 18 cents to trade at 59.83 as speculators continue to review yesterday’s EIA report which showed a drop in inventory but higher production level. Brent Oil traders are focused on headlines from OPEC members as their meeting is scheduled for tomorrow. Brent oil is trading at 63.94. The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories decreased by 1.9 million barrels last week, maintaining a total U.S. commercial crude inventory of 477.4 million barrels. The inventory remains near levels not seen at this time of year in at least the past 80 years.

Tuesday evening the American Petroleum Institute (API) reported that crude inventories rose by 1.8 million barrels and gasoline inventories also rose in the week ending May 29. For the same period, analysts had estimated a decrease of 1.6 million barrels in crude inventories.

Total gasoline inventories decreased by 300,000 barrels last week according to the EIA, but have moved above the upper limit of the five-year average range. Total motor gasoline supplied the agency’s measure of consumption averaged about 9.3 million barrels a day for the past four weeks, up by 1.1% compared with the same period a year ago.

ForexTraq 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 for Crude 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.

Today’s economic releases actual vs. forecast:

Cur.

 

Event

Actual

Forecast

Previous

 

  JPY

 

BoJ Governor Kuroda Speaks  

 

 

 

 

 

  AUD

 

Retail Sales (MoM) (Apr)

0.0%

0.4%

0.2%

   

  AUD

 

Trade Balance (Apr)

-3.888B

-2.250B

-1.231B

   

  GBP

 

Halifax House Price Index

-0.1%

0.3%

1.6%

 

 

  GBP

 

Halifax House Price Index

8.6%

8.5%

8.5%

 

 

  GBP

 

BoE QE Total (Jun)

 

375B

375B

 

 

  GBP

 

Interest Rate Decision (Jun)

 

0.50%

0.50%

   

 

Brent Oil(60 minutes)20150604043004Upcoming Economic Events that you shoCrude Oil(60 minutes)20150604042936uld be monitoring:

Friday, June 05, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  USD

 

Nonfarm Payrolls (May)

 

225K

223K

 

 

  USD

 

Unemployment Rate (May)

 

5.4%

5.4%

 

 

  CAD

 

Employment Change (May)

 

10.0K

-19.7K

   

Government Bond Auctions

Date Time Country

Jun 08 12:00 Norway Details bond auction on 10 Jun

Jun 08 17:30 Italy Announces details of BTP/CCTeu on 11 June

Jun 09 11:10 Austria Holds RAGB bond sale

Jun 09 11:30 UK Auctions 0.125% 2024 I/L Gilt

Jun 10 11:15 Norway Holds bond auction

Jun 10 11:30 Germany Eur 5bn Jun 2017 Schatz

Jun 10 16:30 Sweden Details bond auction on 17 June

Jun 11 11:30 Spain Auctions Bonos

Jun 11 11:10 Italy Auctions BTPs/CCTeus

Jun 11 11:10 Sweden Holds inflation-linked bond auction

Jun 11 11:30 UK Auctions 3.5% 2045 Conventional Gilt

Jun 11 17:00 US Announces details of 30-year TIPs sale on 18 Jun

 

 

Crude analysis forecast

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