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PVM Midday Report 13 February 2015

Published Friday, February 13th, 2015


  1. Kuwait resumes all oil-related exports after weather conditions improve
  2. German government puts forward draft allowing hydraulic fracturing
  3. Eurozone 4Q’14 GDP growth surpasses expectations at 0.3%
  4. UK construction output registers a small 0.4% m/m rise in Dec ‘14


Fundamentals: Kuwait has announced the resumption of all crude-related exports following the clearing of bad weather. Germany has taken a step closer to unlocking the potential of hydraulic fracturing after its government tabled a draft permitting its use as it strives to reduce its reliance on energy derived from coal and nuclear power. Meanwhile, Iranian sales of oil products have surged to $2.3 billion in the 10 months to January 2015 as the country attempts to circumvent sanctions limiting its crude exports.

Technicals: The market is remaining firm and in resistance testing mode. Some more work is required. WTI is still below the key 54.24/34 level – recent high and 55 day resistance. Brent has moved but not yet closed over the 60.08 level. It needs to close over here to have some upside. Heat is well above 187.47 and has upside potential whilst this is the case. RBOB is still below the important pivot at 162.60. It needs to close over here to be looking for higher numbers. Gasoil needs to move and close over 574.00. Watch the resistances very carefully.

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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.