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PVM Midday Report 26 May 2015

Published Tuesday, May 26th, 2015

Headlines

  1. Kuwaiti crude exports to China nearly triple in April from a year earlier to 395,000 bpd
  2. Vietnam’s crude output in May unchanged from a year ago at around 300,000 bpd
  3. Greece’s Varoufakis claims June 5 IMF payment will be made as confident of debt deal
  4. ECB policymaker hints at easing deflation but still committed to asset purchases
  5. CBI survey of UK retail sales points to strong pick-up in May

Oil                                                                                              

Fundamentals: China’s voracious appetite for crude has been highlighted by figures revealing that its April oil imports from Kuwait jumped by 192.8% from a year earlier to 395,000 bpd in what was the highest level since last December. Vietnam’s crude output in May has remained steady from the same period a year ago at around 300,000 bpd. Meanwhile, turmoil continues to plague Libya with the latest incident interrupting a parliamentary session of its elected government based in the eastern part of the country.

Technicals: A little bit of ebb and flow this morning and no great surprises. The first day after a long weekend is always a bit misleading and watching developments may be wisest. WTI and Brent hav e both slipped a bit to re-test their respective 34 day MAs at 58.98 and 65.12. These need to hold or these two contracts will slide more. Heat is holding over range support at 193.50 and RBOB has slide below the key 206.18 c/p but is holding the s/t MAs around today’s lows. The stochastics are wobbling. Let the market shake out a bit from here. It’s tonight’s closes that count not the intra-day noise.

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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.