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 fierce sell-off was followed by a rally on Friday and the contract managed to close over all of its daily short-term M/As. This morning the 5-day is at 51.36, the 8-day is at 50.96 and the 13-day is at 50.69. A close below the lower of them would send the price down to the 100-day contract M/A that is currently 49.88 with the potential to go down to the 49.00/48.94 range support area. A close below this level would be considered very bearish. This, however, might not happen in the near future. Given that the contract finished the day on a relatively strong note the test of resistances might be on the cards. The nearest one is the 52.40/50 range resistance area. The former is last week’s high on the October contract and the latter is the high on September 4.
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