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PVM Midday Report 17 September 2015

Published Thursday, September 17th, 2015

Headlines

  1. Angolan crude oil exports set at 1.77 mbpd in November, down from 1.83 mbpd in October
  2. Japanese crude oil imports climb 3.3% m-o-m in August to 3.36 mbpd
  3. Kuwait’s OPEC governor calls on China to improve transparency regarding oil demand data
  4. Greek jobless rate dips below 25% in 2Q’15 for first time in over three years

Oil                                                                                              

Fundamentals: Angolan crude oil exports in November are set to average 1.77 mbpd which is down from a projected 1.83 mpbd in October on lower demand from Asian buyers. Meanwhile, Kuwait’s OPEC governor has stressed the need for patience as the oil market slowly balances itself and called on China to improve transparency regarding its oil demand figures.

Technicals: The market is giving back some of its gains, which is no great surprise. There was some pretty severe resistance near the highs – WTI’s 55 day MA at 46.70 and 47.09, and the 13 day MAs on the rest around 49.52 Brent; 157.15 Heat; 139.17 RBOB and 477.50 Gasoil. Some of the contracts started the day above these but swiftly lost momentum. So long as the contracts do not fall below the lowest s/t MA they are ok. These MA supports are around 45.35 WTI; 48.56 Brent

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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.