Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 08 May 2015

Published Friday, May 8th, 2015

Headlines

  1. Chinese crude imports climb 8.6% in April y/y to record high of 7.37 mbpd
  2. Britain’s Cameron secures overall majority in UK general election victory
  3. China’s April exports and imports tumble 6.4% & 16.2% respectively from a  year ago
  4. German industrial output dips 0.5%, exports rise 1.2% in March

Oil                                                                                              

Fundamentals: Fears of slowdown in Chinese demand for crude may have been overdone after trade figures revealed that its crude imports surged by 8.6% in April from a year ago and +13% on the month to a record high of 7.37 mbpd.  However, Chinese imports of oil products were seen down 13.9% to 2.47 million tonnes in April from March.

Technicals: The key to the next leg remains the 13 day MAs. WTI is holding the 13 around 58.52, Heat around 195.58 and Gasoil around 596.50. Brent is just below around 65.72 and RBOB is below the 13 around 201.15. The market seems to be trying to hold at the moment, but would look a lot safer if the 13s could be moved over by all the contracts. It is not particularly good if RBOB remains below. The stochastics are negative. Watch the 13s today – they hold all the clues.

to read the rest of the report, please click here

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.