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Crude & Brent Oil Analysis Forecast, May 19, 2015 – Forecast

Analysis and Recommendations (Crude Oil Brent Oil Forecast):

Crude Oil added 21 cents to trade at 60.75 while Brent Oil remained flat at 66.79. Crude oil prices edged up on Monday following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening US production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen could disrupt supplies after Islamic State militants said they had taken control of the Iraqi city of Ramadi in a big blow to the government. In Yemen, a Saudi-led coalition resumed air strikes against Houthi militia in Aden, a port-city on the shores of key Middle East oil routes. Despite these Middle East conflicts, analysts said oil markets remained oversupplied, and that the glut could worsen if US -production picked up and output by producer-club OPEC remained strong. “Oil prices appear to have outpaced the improvement in underlying fundamentals,” Barclays said on Monday.

Iran’s Deputy Oil Minister Rokneddin Javadi told Reuters on Monday that OPEC was unlikely to cut output at its next meeting in June, and that Iran hoped its crude exports would return to pre-sanctions levels of 2.5 million barrels per day (bpd) within three months once a deal to lift an oil embargo is finalized.

The advances on Monday came after Islamic State seized control of the western city of Ramadi, the capital of Iraq’s largest province. The victory is seen as a crushing setback to U.S.-backed efforts to halt the spread of the extremist group.

Meanwhile, in Yemen, a Saudi Arabia-led coalition resumed airstrikes against Houthi fighters, according to media reports, after a five-day cease-fire between the two sides ended on Sunday night. Conflicts in the Middle East tend to increase worries about oil supply from the region, lending support to oil prices that are largely driven by the supply-and-demand balance.

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.

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
  AUD RBA Assist Gov Lowe Speaks
  JPY Industrial Production (MoM) -0.8% -0.3% -0.3%
  JPY Tertiary Industry Activity Index -1.0% -0.5% 0.4%
  CHF Retail Sales (YoY) (Mar) -2.8% -2.0% -3.1%

 

Upcoming Economic Events that you should be monitoring for Oil in forex trading:

Tuesday, May 19, 2015

Cur. Event Actual Forecast Previous
  AUD Monetary Policy Minutes
  GBP CPI (YoY) (Apr)
  EUR German ZEW Economic 49.0 53.3
  EUR CPI (YoY) (Apr) 0.0% 0.0%
  USD Building Permits (Apr) 1.065M 1.042M
  CAD BoC Gov Poloz Speaks

Government Bond Auctions

Date Time Country

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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