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PVM Midday Report 17 April 2015

Published Friday, April 17th, 2015

Headlines

  1. Iraqi government forces recapture two towns close to Beiji refinery complex
  2. Oil flows along the Kirkuk-Ceyhan pipeline hit 2015-high of 500,000 bpd
  3. Eurozone March consumer prices jump 1.1% from previous month
  4. UK unemployment rate slips to post-financial crisis low of 5.6%

Oil                                                                                              

Fundamentals: Crude flows along the Kirkuk-Ceyhan pipeline have touched a fresh 2015-high at 500,000 bpd after having averaged 450,000 bpd in the last few months. Staying with Iraq, government forces have recaptured two towns close to the Beiji refinery, the latter having been the subject of an attack earlier this week by Sunni extremists. Meanwhile, official figures have revealed that Indian demand for fuel rose by 1.4% in March from a year earlier with oil product sales totalling 14.48 million tonnes.

Technicals: The contracts are cooling off a bit again this morning. No serious support has been breached. The recent up trend is still intact with the contracts all above the s/t MAs and the stochastics positive, but a little high. Brent and Gasoil have hit their respective targets to 64.42 and 584.25. The rest still have objectives above the market to 58.32 WTI; 193.83 Heat and 197.95 RBOB. These are valid whilst the contracts remain over the 5 day MAs.

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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.