Technical & Fundamental Oil Reports Specialists

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Watch the 13-day on ICE and the 100-day on NYMEX

Published Monday, July 20th, 2015

If this report had been written on Friday after the settlement it would have sounded much more convincing than now. It would have painted a more confidently bearish picture on ICE and the opposite on NYMEX. Needless to say that ICE is up and NYMEX is down this morning therefore one has to be careful to present a firm view.

August ICE: All the daily short-term M/As were closed below with the lowest of them the 13-day currently at 43.27. It was advised in Friday’s report to be cautiously bearish and turn unreservedly negative if the 34-day M/As at 42.92/80 are settled below. The latter proved to be resilient as a support area and the contract failed to settle below. This means that half of any short positions might have been put on last Friday. The view remains that it is logical to go fully short on a close below 42.92/80. Should such weakness occur the recent lows at 41.56/40 are expected to be tested in the foreseeable future. Present short positions should be protected either on an intra-day break above the 8 and 100-day M/As, both at 43.43 or on a close above the 13-day at around 43.27.

to read the rest of the report, please click here

Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.