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PVM Midday Report 01 May 2015

Published Friday, May 1st, 2015

Headlines

  1. Iraqi oil exports climb to fresh record high of 3.08 mbpd in April
  2. June loadings of North Sea Brent crude set to dip to 60,000 bpd
  3. Saudi Aramco creates new supreme council as part of restructuring process
  4. Chinese official April services PMI slips to 53.4, manufacturing reading steady at 50.1
  5. UK manufacturing PMI dips to seven-month low of 51.9 in April from 54.0 in March

Oil                                                                                              

Fundamentals: Iraq’s oil ministry has revealed that its crude exports rose to a record high in April at 3.08 mbpd and compares with 2.98 mbpd in the previous month. June loadings of North Sea Brent crude have been set at 60,000 bpd, down from the 97,000 bpd planned in May while June liftings of Ekofisk oil are seen at 240,000 bpd, down from 252,000 bpd expected in May. Meanwhile, Saudi state-owned oil giant Aramco has announced the creating of a new supreme council as part of its restructuring process which is to be chaired by the country’s deputy crown prince.

Technicals: The contracts have dipped this morning but the 5-day MAs have all held and as such the trend remains up. Targets higher are therefore still greenlighted on Brent at 68.62; WTI 61.23; Heat 203.14; RBOB 206.18 and Gasoil 608.50. The move lower should be short-lived and higher numbers are on the cards. The advice is to therefore to stick with the trend, run length to upside targets and do not be short.

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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.