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Oil Q1 Fundamental Forecast: Crude to Continue Sliding, Flush with Supply and Waning Demand

Oil Q1 Fundamental Forecast: Crude to Continue Sliding, Flush with Supply and Waning Demand

2019-01-05 17:00:00
Peter Hanks, Analyst
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Crude oil mounted a stunning decline in the closing months of 2018 as global growth concerns weighed on demand prospects and supply was bolstered by the shale boom in the United States. At the start of October, West Texas Intermediate (WTI) crude traded at levels near four-year highs. In the weeks following, the commodity plummeted nearly 40 percent. Despite an incredibly painful quarter for crude, the outlook remains bleak.

Crude Production Remains Robust

The US shale boom in the Permian Basin has seen global supply surge. Further, the United States is now the world’s top crude producer and a net-exporter of oil for the first time since 1973 according to federal data. Massive production flows have resulted in ample inventory and a consistent downward pressure on the price of the West Texas blend.

See the complete Q1'19 Oil forecast as well as forecasts for other major currencies, equities, and Gold.

--- Written by Peter Hanks, Junior Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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