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: A failed attempt to break higher provided bears with a good opportunity to get back in the market. The short and medium-term M/As were tested, briefly penetrated before the market settled below these resistances. For the sake of good order these levels are as follows: the 5-day is currently at 49.88, the 34-day is at 49.94, the 100-day is at 50.16, the 8-day is at 50.17 and the 13-day is at 50.40. It is the latter that should be used to protect fresh short positions. On a close over it the downtrend would be firmly over and the 52.50 range resistance, the daily high on September 9 will be expected to be in sight sometime next week. Whether the expression “good opportunity” used at the beginning of the report is justified will be answered if the recent low and range support at 49.00/48.94 is tested today.
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