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PVM Midday Report 01 July 2015

Published Wednesday, July 1st, 2015

Headlines

  1. Iraqi crude oil exports hit fresh peak of 3.187 mbpd in June
  2. August loadings of North Sea Brent & Ekofisk planned at 135,000 & 310,000 bpd
  3. Greek PM agrees to creditors’ proposals with small number of changes
  4. Eurozone final June manufacturing PMI up marginally to a 14-month high of 52.5

Oil                                                                                              

Fundamentals: Figures from Iraq’s oil ministry have revealed that its crude exports rose in June to a record high of 3.187 mbpd from 3.145 mbpd in May, with total oil sales for the month reaching $5.318 billion. Meanwhile, loadings of North Sea Brent crude are planned at 135,000 bpd in August, an increase from the 77,000 bpd scheduled for July while North Sea Ekofisk crude loadings for the month of August have been set at 310,000 bpd, representing a 39,000 bpd monthly rise.

Technicals: Yesterday’s recovery looks to have been a bull trap with the move higher proving to be short lived. Brent, WTI and Heat have drifted below their s/t MAs and a close below the lowest of them, the 5s, will put further downward pressure on prices. These aforementioned levels are Brent 62.98; WTI 59.15; Heat 186.78. RBOB is below the 13 and key resistance at 203.55 and is struggling to hold the 5 and 8 MAs at 202.14. Gasoil is little changed but at risk of dipping below 571.00 (5-day). The contracts are either below or struggling to hold above the 5 day MAs and will lose further value should this remain the case by the close.

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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.