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PVM Midday Report 14 May 2015

Published Thursday, May 14th, 2015

Headlines

  1. Crude oil flows resume along Kirkuk-Ceyhan pipeline
  2. North Dakota oil and gas output up 1% m/m in March at 1.2 mbpd
  3. Britain’s North Sea Buzzard oil field to close for one week of maintenance from June 11
  4. Greece’s Varoufakis calls on ECB to push back scheduled debt repayments

Oil                                                                                              

Fundamentals: Crude oil flows along the Kirkuk-Ceyhan pipeline have resumed after having been halted by a technical fault earlier in the week. An unexpected jump in March oil and gas output from North Dakota has been reported on the back of improving efficiencies in the hydraulic fracturing process with production up a modest 15,000 bpd to a total of 1.2 mbpd on the month. Meanwhile, reports are emerging that Britain’s North Sea Buzzard oil field is set to close for one week for maintenance from 11 June.

Technicals: The short term (s/t) MAs have held on the dip this morning and the contracts should now move higher to test resistances. Watch RBOB – the key here is the c/p resistance at 206.18. A move confirmed by a close (m/c) over here would green light a move to 212.99. WTI needs to m/c over 61.03 to be heading for 62.58. July Brent should now head for 70.36. Heat needs a m/c over 203.41 to move higher to 205.72 and gasoil should head for 623.75. The stochastics have moved positive on Heat; RBOB and Gasoil. The outlook remains positive and higher numbers are likely. It is not advised to 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.