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PVM Midday Report 29 April 2015

Published Wednesday, April 29th, 2015

Headlines

  1. June loadings of North Sea Oseberg crude set at 120,000 bpd, unchanged from May
  2. Eurozone private sector lending rises 0.1% y/y in March, first increase in three years
  3. Euro-area economic sentiment dips slightly in April on Greek debt jitters
  4. US mortgage applications index eases 2.3% in week to 24 April

Oil                                                                                              

Fundamentals: Oil markets have largely shrugged-off a Saudi cabinet reshuffle which saw the country’s oil minister keeping his post although he was relieved of his chairman duties at the state-owned oil firm Aramco. Meanwhile, June loadings of North Sea Oseberg oil are set to remain unchanged from the previous month at 120,000 bpd.

Technicals: The market looked tired and a little bit vulnerable this morning. This was mostly as a result of the failure to punch through higher for the fourth day in a row at resistance and evidenced by the dip from the 5 to the 8 day MA today, or from the 8 to the 13 in WTI’s case. This is just a logical cooling off period in an otherwise upwardly trending market. WTI has dipped to the 13 day MA around 56.77 and is still around this MA. It needs to hold or WTI goes lower. Brent has dipped to the 8 around 64.04 and held. The 5 is around 64.85 – watch these two MAs carefully. June Heat has dipped to and held the 8 day around 189.98 and has the 5 day as resistance around 191.94. June RBOB is below the 5 around 199.71 but has not tested the 8 around 196.77 yet. Gasoil has held the 8 around 580.00 and is below the 5 around 585.50. Keep an eye on the 5 and 8s today – they hold all the clues.

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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.