Analysis and Recommendations (Oil Forecast):
Crude Oil dipped 25 cents in the Asian session but is holding there at 60.25 while Brent Oil is flat at 67.25. Government data showed U.S. oil inventories fell 2.2 million barrels in the week to May 8, to below 485 million barrels. That was still almost 90 million barrels higher than this time last year.
No. 2 U.S. oil producing state North Dakota posted a surprising output hike in March, even when U.S. crude prices were around six-year lows, latest data showed.
Crude prices fell on Thursday after major U.S. oil producing state North Dakota posted a surprising output hike and ongoing high stocks were expected to weigh on import and production demand.
Despite a slight draw in overall stocks, government data showed that U.S. crude inventories of almost 485 million barrels were still nearly 90 million barrels higher than this time last year, implying low demand for domestic production as well as imports.
ForexTraq provides in-depth analysis for each currency and commodity we review in forex trading. 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 Oil in our weekly reports.
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:
|NZD||Business NZ PMI (Apr)||54.5|
|NZD||Core Retail Sales (QoQ)||2.9%||1.5%||1.9%|
|NZD||Retail Sales (QoQ) (Q1)||2.7%||1.5%||1.7%|
|GBP||RICS House Price Balance (Apr)||33%||22%||22%|
Upcoming Economic Events that you should be monitoring:
Friday, May 15, 2015
|JPY||BoJ Governor Kuroda Speaks|
|CHF||PPI (MoM) (Apr)||-0.1%||0.2%|
|USD||NY Empire State Manufacturing||5.00||-1.19|
|CAD||Foreign Securities Purchases||7.23B||9.27B|
|CAD||Manufacturing Sales (MoM)||1.2%||-1.7%|
|USD||Industrial Production (MoM)||0.1%||-0.6%|
Government Bond Auctions
Date Time Country
May 18 09:30 Germany Eur 1.5bn 12M (May 2016) Bubills
May 18 10:00 Belgium Auctions OLOs
May 20 09:03 Sweden Holds bond auction
May 21 08:30 Spain Auctions Bonos
May 21 09:03 Sweden Holds bond exchange auction
May 21 09:10 France Auctions BTANs
May 21 09:30 UK Auctions 4.75% 2030 Conventional Gilt
May 21 10:10 France Auctions
May 21 15:30 Italy Announces details of CTZ/BTPei on 26 May
May 21 15:00 US Announces details of 2-year FRN on 27 May, plus 2/5/7 year
May 21 17:00 US Auctions 10-year TIPs
May 22 09:03 Sweden Holds bond exchange auction
May 22 10:00 Norway Details bond auction on 27 May
Crude analysis forecast
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