Technical & Fundamental Oil Reports Specialists

Follow us

Midday Report 28 December 2012

Published Friday, December 28th, 2012

  1. President Obama meets lawmakers to reach last minute deal on fiscal cliff.
  2. New head of EPA faces tough decisions over fracking boom.
  3. Reuters’ sources: New York Harbour oil terminals expected to function during this week’s strike.
  4. Cambodia set to build its first oil refinery in cooperation with a Chinese firm by 2015.
  5. Russia urges Syria to pursue diplomatic route with its opponents.
  6. Italy’s debt costs rise only slightly at debt auction from a month ago.


The contracts have dipped this morning but are now poised for a re-bound, so despite light volumes the general direction should be upward. The daily stochastics are all pointing north, the short-term MAs are below the market, the 60 minute stochastics on nearly all contracts have turned positive all boding rather well for the bulls. Upside targets are therefore 91.72/92.05 WTI, 111.33/52 Brent, 309.61/310.26 Heat, 284.31 RBOB and 952.25 Gasoil.


NWE Naphtha began the morning by moving lower on a weakening MOPJ market. As the Eastern window ended, some buying returned to NWE and the market held up briefly as the prompt spreads also saw buying. This did not last however, and the cracks and spreads moved lower again as the morning progressed.

Posted by Alex Kaldonek

Alex Joined PVM in 2011 having graduated as a Chemical Engineer.