Technical & Fundamental Oil Reports Specialists

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PVM Midday Report 19 August 2015

Published Wednesday, August 19th, 2015

Headlines

  1. Saudi crude oil exports rise 400,000 bpd to 7.365 mbpd in June from May
  2. Japanese crude oil imports jump 9% to 3.62 mbpd in July from same period a year ago
  3. German lawmakers give backing to Greece’s third bailout package
  4. US mortgage applications index climbs 3.6% in week to August 14

Oil                                                                                              

Fundamentals: Official data published by the Joint Organisations Initiative (JODI) has revealed that Saudi crude oil exports rose to 7.365 mbpd in June from 6.935 mbpd in May. This comes as the same data release shows that Saudi crude oil production climbed to 10.56 mbpd from 10.33 mbpd over the same period. Meanwhile, Japanese crude oil imports were seen rising 9% in July from a year ago to 3.62 mbpd.

Technicals: The contracts have held supports from yesterday and have firmed a bit. There are no targets lower whilst the following levels are remained over – Oct WTI above 42.03; Brent 48.24; Heat 152.12 Heat; 162.00 RBOB and 466.50 Gasoil. At the moment these levels are holding and the contracts are testing the s/t MAs, which are the resistances to worry about. Oct WTI is on the 5 day around 42.90 and has the 8 around 43.51; Brent’s 5 day is around 49.03 and 8 day around 49.50; Heat’s 5 is around 155.99 and 8 around 156.77; RBOB’s 5 is around 166.64; and Gasoil’s 5, 8 and 13 are all around 474.25 to 475.25. These resistances need to be moved and closed over for any upside. Watch these s/t MAs for guidance.

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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.