Technical & Fundamental Oil Reports Specialists

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PVM Midday Report 12 February 2015

Published Thursday, February 12th, 2015

Headlines

  1. Iraq’s oil exports slump to 2.535 mbpd in Jan from record high of 2.94 mbpd in Dec
  2. Poor weather forces Kuwait to halt all crude-related exports until further notice
  3. Libya’s Hariga port receives first oil tanker since guard strike ended
  4. Ukraine truce agreed at Minsk talks, ceasefire to begin on Sunday at midnight
  5. BoE revises up 2015 UK wage growth and GDP forecast to 3.5% and 2.9% respectively

Oil                                                                                              

Fundamentals: The first oil tanker has docked at Libya’s Hariga port since guards ended their strike after it had been prevented from doing so by bad weather. Poor weather was also said to be behind a substantial drop in Iraqi crude exports in January where they averaged 2.535 mbpd, down from a record high of 2.940 mbpd in December. Meanwhile, unfavourable weather conditions have forced Kuwait to halt all crude-related exports until further notice.

Technicals: The contracts have recovered a bit this morning. None of them however have made serious inroads into resistances. All contracts are being held back by an assortment of the 5, 8 and 55 day MAs, and whilst this is the case there are significant reservations about the upside potential. It is highly likely that the MAs will hold this morning’s rally in check.

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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.