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PVM Midday Report 21 August 2015

Published Friday, August 21st, 2015

PVM Midday Report

Headlines

  1. Chinese imports of Iranian crude climb 3% y/y in July to 575,000 bpd
  2. Asian crude cargoes traded in Dubai Platts MOC reaches record-high of 58 in August
  3. China’s diesel exports jump 45.5% y/y in July to 540,000 tonnes
  4. Eurozone flash manufacturing PMI unchanged in August from July at 52.4

Oil                                                                                              

Fundamentals: Chinese imports of Iranian crude oil rose 3% in July from a year ago to 575,000 bpd but were down on June’s level of 671,800 bpd. Staying with China, rising domestic refinery inputs has helped China’s exports of diesel surge 45.5% in July year-on-year to 540,000 tonnes in what was the second highest of 2015. Meanwhile, the number of cargoes traded in the Dubai Platts MOC pricing process for October delivery to Asia hit a record-high of 58 this month on strong demand from Chinese buyers.

Technicals: The contracts continue to be under pressure. Heat and Gasoil had hit their targets lower yesterday to 148.71 and 453.75. These two need moves confirmed by closes (m/c) below these levels to green light the next leg lower to 145.30 and 439.00. RBOB has hit its target lower this morning at 150.81 (low of 150.46), and a m/c below here would activate the next leg south to 144.75. WTI has an objective to 39.99 and Brent to 45.19. The key technical indicators are negative. The trend id down – sell rallies to the 5 and 8s. It is not advised 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.