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
- Goldman Sachs sees removal of US crude export ban before 2017 as unlikely
- Syrian government forces retake control of oil field near the city of Palmyra
- Gauge of German business sentiment dips in June on Greek uncertainties
- Greek official reveals several of its latest proposals rejected by creditors
- US mortgage applications index rises 5.5% in week to June 19
Oil
Fundamentals: Goldman Sachs have claimed that the removal of the 40-year old ban on US crude oil exports is unlikely to take place before 2017 due to the sensitivities surrounding the upcoming presidential elections. However, it foresees an eventual repeal of the ban possible in the subsequent period as the implications and constraints of doing so lessen. Meanwhile, Syria’s military have retaken control of an area containing an oil field near the city of Palmyra.
Technicals: The contracts have pushed higher this morning but most have given up the gains and the market settled back a bit. There is some heavy duty resistance to negotiate before there are targets higher. On WTI this is at 61.83 (range); Brent 64.57 then 65.14 (both 34s); Heat 192.39/54 (34 day MAs); RBOB 208.59 and 209.06 (8 and 13 day MAs) and Gasoil 589.25/590.00 (
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