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…
October ICE: Yesterday’s morning strength was telling in that it indicated that this contract was about to turn bullish. It had broken over the daily short-term M/As in the early hours of Monday and closed well above them by the end of trading. Follow-through buying is pushing the price even higher at the time of writing and the nearest resistance has already been testing. This is the 52.50 range, the daily high on September 4. The highest print of the morning has been 52.40 so far, close enough to this resistance for longs to take profit. On a close over this range resistance the test of the 53.10 and 53.45 area will be expected. Both of them are daily highs, the former on August 15 and the latter September 2. Those who re-instate their long positions on a break and close above 52.50 are recommended to take profit at 53.10 and 53.45. A close over the higher of them will green-light the 50% c/p of the December 2013-July 2014 downtrend at 54.49 as the next upside objective.
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