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PVM Midday Report 04 August 2015

Published Tuesday, August 4th, 2015


  1. Indian imports of Iranian crude rises 2.4% y/y in July to 215,000 bpd
  2. Kurdistan to start paying portion of oil revenues directly to producers
  3. Chinese state oil companies in record buying during Monday’s Platts Dubai MOC
  4. Beijing hints at further measures to boost liquidity and credit growth
  5. UK July Final Construction PMI dips to 57.1 from 58.1 in June


Fundamentals: Kurdistan has announced that it will pay a portion of oil revenues directly to producers as it steps up direct crude oil sales amid a dispute with Bagdad over an oil-revenue sharing agreement which has seen it cut oil allocations to Iraq’s state-owned oil company. The gradually rising intake of Iranian oil by Asian buyers has been highlighted by newly-released figures showing that exports to India of Iranian crude inched 2.4% higher in July from the same period a year ago to 215,000 bpd.

Technicals: The contracts are recovering a bit this morning. However the trend is still down and not too much faith should be put in this morning’s move higher. There are targets below the market to 43.58 WTI; 48.90 Brent; 148.71 Heat; and 453.75 Gasoil. These are valid whilst the contracts remain below the 5 day MAs around 47.11 WTI; 51.77 Brent; 157.86 Heat; 173.50 RBOB; and 486.25 Gasoil. These and the slightly higher 8 day MAs are sales on rallies. It’s advised to stick with the trend and not to be long.

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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.