The increasing share of offshore wind energy traded at the spot market requires short term wind direction forecasts to determine wake losses and increased power fluctuations due to multiple wakes in certain wind directions. The information on potential power fluctuations can be used to issue early warnings to grid operators. The current work focuses on analyzing wind speed and power fluctuation time series for a German offshore wind farm. By associating these fluctuations with wind directions, it is observed that the turbines in double or multiple wake situations yield higher fluctuations in wind speed and power compared to the turbines in free flow. The wind direction forecasts of the European Center for Medium-Range Weather Forecast model are compared with Supervisory Control and Data Acquisition (SCADA) data observations of the turbine yaw. The cumulative probability distribution of the difference in forecasted and observed wind directions shows that for a tolerance of +/-10 degrees, 71% of the observations are correctly forecasted for a lead time of 1 day, which drops to 54% for a lead time of 3 days. The circular continuous rank probability score of the observed wind directions doubles over the lead time of 72 h.