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PVM Midday Report 29 July 2015

Published Wednesday, July 29th, 2015


  1. Crude flows along Iraq’s Kirkuk-Ceyhan pipeline suspended after sabotage incident
  2. Greek PM Tsipras warns risk of Grexit remains unless its creditors agree to debt relief
  3. US mortgage applications index inches 0.8% higher in week to July 24
  4. UK mortgage lending hits post-financial crisis high in June


Fundamentals: Flows along Iraq’s Kirkuk-Ceyhan pipeline have been halted after it was attacked by what the Turkish Energy Minister called terrorists. As attention turns to the upcoming weekly release of US crude and product stocks, the API has forecast a 1.9 million bbl draw in crude inventories and a build in gasoline and distillate stocks of 1.3 and 4.3 million bbls respectively. Stocks at the Cushing delivery hub are expected to have dipped by 380,000 bbls in what would be the first draw for five weeks.

Technicals: WTI is giving back part of yesterday’s gains and still has an ultimate downside objective at the 44.20 range support with shorts advised to take profit at just above this level. The advice on Brent is to be flat while it is over 52.57/50 and shorts should only be reinstated on a m/c below this aforementioned support. Similarly, positions in Heat should be squared whilst it remains over the 158.90 range support with selling short only recommended if this level is above tonight’s close. RBOB is expected to test its target lower at 178.48 so long as the 200-day continuation M/A (184.46) remains above the price action. Gasoil looks like having another go at its 481.00 support after doing so yesterday but only a conclusive m/c below will greenlight its next downside objective to 454.00.

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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.