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PVM Midday Report 23 September 2015

Published Wednesday, September 23rd, 2015

Headlines

  1. Scheduled shutdown of UK’s Buzzard oilfield likely to be postponed to November
  2. Russian oil refinery runs slip by 0.4% m-o-m in August to 5.881 mbpd
  3. Niger hopeful of beginning crude oil exports in 2017 after agreeing pipeline-sharing deal
  4. Kazakhstan trims 2015 oil output projection to 79.5 million tonnes
  5. Eurozone Flash Composite PMI eases slightly to 53.9 from August’s 54.3

Oil                                                                                              

Fundamentals: Russian oil refineries processed 5.881 mbpd in August which was 25,395 bpd or 0.4% less than in July. Niger has claimed that it will begin exporting crude oil in 2017 after striking a deal which permits it to use a pipeline that runs through Chad and Cameroon. The planned maintenance works at the UK’s North Sea Buzzard oilfield originally scheduled for October has reportedly been pushed back to November. Meanwhile, the API has reported that US crude oil inventories have fallen by 3.7 million bbls in the last week with stocks at Cushing also down 500,000 bbls in what would be the fourth consecutive weekly draw at the NYMEX WTI delivery hub.

Technicals: The contracts have made further inroads above the daily short-term MAs led by RBOB which has made additional headway above its hitherto crucial resistance level at the 34-day MA around 141.01. However, it is the closes that count and only m/cs above the following levels will support the developing bullish trend: 48.07 WTI; 50.34 Brent; 154.41 Heat; 141.01 RBOB and 470.50 Gasoil. In the meantime keep a close eye on RBOB as it will need to hold over 141.01 for it and the rest to maintain upside potential.

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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.