Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 06 February 2015

Published Friday, February 6th, 2015


  1. Russian Energy Minister expects crude output to reach 50 million tonnes by 2025
  2. Suicide bomber strikes in eastern Libyan city of Benghazi
  3. German industrial output rises 0.1% in December, misses expectations of a 0.4% gain
  4. UK trade deficit widens in December to a five-year high


Fundamentals: Libya is once again making news for all the wrong reasons after a suicide bomber struck in the eastern city of Benghazi, killing 2 and injuring around 20. The beleaguered oil producing country has seen peace talks between rival factions make little progress whilst the battle for control over its lucrative natural resources escalates. Russia’s Energy Minister has stood by recent optimistic forecasts in which it predicts oil output to reach 50 million tonnes by 2025.

Technicals: Resistances have come under pressure as expected as the complex has made further headway this morning. Brent has virtually hit its upside target at 59.00 whilst Gasoil has tested its recent high of 556.50 but both have since dipped below these aforementioned levels and will need a close over for higher numbers next week. The NYMEX contracts have headed higher but have not yet mounted a test of their key upside objectives at 54.24 WTI; 187.47 Heat and 158.04 RBOB. Only a successful move and close above these targets will have bulls heading into the weekend in an upbeat mood. However, a close below the 5-day MAs at 50.67 WTI; 56.29 Brent; 180.37 Heat; 154.19 RBOB and 536.50 Gasoil may trigger a bout of weakness come Monday.

to read the rest of the report, please click here

Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.