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PVM Midday Report 21 April 2015

Published Tuesday, April 21st, 2015

Headlines

  1. Libya’s Hariga oil port closes due to security guard strike
  2. Tehran reiterates its expectation that OPEC will accommodate rising Iranian oil exports
  3. Planned strike at Dutch oil and gas storage company called off
  4. Iran’s deputy foreign minister hints at Yemen ceasefire announcement in coming hours
  5. Zew indicator of German economic sentiment dips in April to 53.3 from 54.8 in March

Oil                                                                                              

Fundamentals: Tehran has once again signalled that it expects OPEC to fully accommodate rising Iranian crude exports once Western sanctions are lifted and doesn’t expect a rise in its oil production to cause a price crash. Staying with Iran, its deputy foreign minister has hinted that a Yemen ceasefire could be announced as early as today. The revival in Libya’s oil fortunes has hit a snag after its Hariga port was forced to close and a docked tanker suspended a scheduled loading due to a strike by security guards. The Zueitina port was said to be working normally with a tanker lifting 700,000 bbls of crude. Meanwhile, unions have called off a planned strike at a Dutch oil and gas storage company after an improved offer was put forward by its representatives.

Technicals: The market is struggling. It has given up some ground this morning but the key now is what happens at the 5 day MAs. These are around 57.74 WTI; 63.45 Brent; 188.63 Heat; 192.96 RBOB and 571.50 Gasoil. The action here will determine the next leg – below and it heads south to the 8 day MA and above back to the recent highs. At the moment it looks a bit fragile, but it’s early days yet and there’s a lot more of today to come.

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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.