PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
The contracts all held support and rallied yesterday. Sep’ WTI is the strongest and has made a slingshot (s/s) move higher from the 5 and 8 over the 13 to hit its intraday (I/d) target at the 34 day MA around 103.29. The rest are not quite so frisky, but are all above the 5 and 8s and should now head for next resistances higher – in many cases the 13 day MAs. The stochastics are all supportive and positive. The difference between this move higher and the last one, which failed, last Thursday and Friday, is that RBOB is joining in this time. You may recall last time that RBOB was reluctant, below its 5 and 8s (whilst the rest were above) and had a wavering, and not wholly positive, stochastic. This was not a thumbs up to last week’s attempt to break higher, and was a warning. This time it’s different – RBOB is joining in and is above the 5 and 8s and has a positive stochastic. The olds are on an early dip then higher number today. It is not advised to be short. Sep’ WTI has moved from the 5 and 8s to above the 13 and has hit its s/s i/d target higher to the 34 day at 103.29.
to read the rest of the report, please click here
Subscribe to News