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PVM Midday Report 07 April 2015

Published Tuesday, April 7th, 2015


  1. Reports of Iranian oil officials in Beijing to discuss increased oil sales and investments
  2. Saudi-led air strikes carried out against rebel-held base in central Yemen
  3. Final Eurozone Services PMI climbs to 54.2 in March, slightly below flash estimate
  4. Sentix measure of euro-area investor sentiment improves to near eight-year high in April


Fundamentals: With just a few days since a framework was agreed regarding Iran’s nuclear programme and there are reports of Iranian oil officials visiting Beijing to push for increased oil sales and investments in its oil infrastructure. Meanwhile, Saudi-led military actions in Yemen have continued with air strikes carried out against a Houthi-held airbase located to the south of the capital Sanaa.

Technicals: The contracts have held support on this morning’s dip and are now eyeing up the very serious resistance higher. The short term (s/t) MAs have held in every case but WTI, where it was not weak enough to near the MAs. The key is now what happens at the very strong resistances at 52.48 WTI; 58.04/06 Brent; 178.55/179.25 Heat; 184.88 RBOB; and 546.00 Gasoil. There are no targets higher until these levels are moved over. It’s advised to wait and see what happens at these resistances. Moves confirmed by closes over would be constructive and green light targets higher.

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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.