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PVM Midday Report 07 August 2015

Published Friday, August 7th, 2015

Headlines

  1. Iran expected to unveil new oil contracts aimed at foreign companies in December
  2. Brent oil set for sixth straight weekly decline; longest run of losses since the start of the year
  3. German exports and industrial output suffer respective m/m falls of 1% and 1.4% in June
  4. Greek EU-harmonised annual inflation rate worsens in July to -1.3%

Oil                                                                                              

Fundamentals: An Iranian news channel has revealed that Tehran is set to introduce new oil contracts at a London conference planned for this coming December as it seeks to attract foreign companies into its oil and gas industry. Meanwhile, persistent concerns of an oil glut is weighing on Brent crude which is set to record its sixth straight week of losses in what would be the longest run since the onset of this year.

Technicals: The contracts find themselves more or less at or around the 5-day MAs at 45.11 WTI; 49.67 Brent; 154.38 Heat; 166.61 RBOB; and 471.50 Gasoil but still have targets lower greenlighted unless these aforementioned levels are moved and closed above. These are at 43.58 WTI; 48.90 Brent; 148.71 Heat; 154.61 RBOB and 453.75 Gasoil. Rallies to the 8s are sells while closes over the 5s will negate targets lower. Until then the trend is down and it is advised to stick with it – do not 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.