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PVM Midday Report 18 August 2015

Published Tuesday, August 18th, 2015

Headlines

  1. Kuwait’s Shuaiba refinery expected to come back online “within days”
  2. Reuters poll sees US crude oil and gasoline stocks drawing 600,000 and 1.5 mln bbls
  3. UK annual inflation rate inches higher to +0.1% in July from record low 0% in June
  4. Chinese new home prices climb 0.3% in July; third-straight monthly gain

Oil                                                                                              

Fundamentals: An executive from Kuwait’s state-owned oil company has announced that its Shuaiba refinery is expected to resume operations “within days” after a fire forced it to shut down on Monday. Moreover, he added that exports of petroleum products would not be affected due to sufficient existing stocks. Meanwhile, a Reuters poll has forecast US commercial crude oil and gasoline inventories to have fallen in the latest week by 600,000 bbls and 1.5 million bbls respectively.

Technicals: The contracts remain under pressure. WTI has an objective lower to 39.44 valid whilst below 42.03. Brent has hit its key support at 48.24 (low 48.25 today) and held. It would take a move and close (m/c) below here to green light the next leg down to 45.19. Heat is still over 152.12 and has no objective lower whilst that is the case. RBOB has a target lower to 162.30 valid whilst below 167.22. Gasoil has an objective to 466.50. The stochastic are negative. The trend is down – stick with it.

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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.