PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Headlines
- Indonesia to re-join OPEC later this year
- Decline in Norway’s oil and gas investments to subside in 2016
- Eurozone April industrial output rises 0.1%; misses expectations of +0.3%
- 1Q’15 & 2014 UK GDP figures revised upwards to 0.4% & 3.1% respectively
Oil
Fundamentals: Indonesia has confirmed that it is to be formally re-admitted to OPEC at the end of the year after the cartel’s members approved its application to re-join at its meeting on June 5. Meanwhile, preliminary figures have shown that the recent drop in Norway’s oil and gas investments will subside next year.
Technicals: A bout of pre-weekend selling is adding to yesterday’s mild retracement towards the short-term daily MA and in particular the 5-day but as of yet remain above them all. They are however sliding dangerously close to the 5-day which are 60.13 WTI; 65.26 Aug’ Brent; 191.03 Heat; 209.56 RBOB and 587.00 Gasoil. These need to hold or we can expect further loss of value at the start of next week. The complex looks ok so long as the 5s hold and the existing upside potential would be given a major boost should RBOB manage a test of its key resistance at 215.40.
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