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PVM Midday Report 28 September 2015

Published Monday, September 28th, 2015

Headlines

  1. Kuwaiti oil minister dismisses prospect of an OPEC/non-OPEC summit
  2. Average US gasoline prices slip 9cts/gal to $2.35/gal in the last two weeks
  3. Speculators increase bets on rising ICE Brent crude prices by 7% in week to Sep 22
  4. Chinese industrial companies’ profits tumble by 8.8% year-on-year in August

Oil                                                                                              

Fundamentals: The average price of gasoline in the US has fallen by 9cts/gal to $2.35/gal in the last two weeks according to a survey and comes despite solid demand for the product and marginally firmer crude oil prices. Kuwait’s oil minister has dismissed the likelihood of an OPEC/non-OPEC summit by the end of the year as he claimed that non-OPEC producers would not be committed to measures aimed at stabilising oil prices. Meanwhile, a big rise in long positions has seen net length in ICE Brent crude jump by 11,973 lots to an almost two-month high of 173,819 contracts in the week to September 22.

Technicals: The contracts have lost value this morning and duly dipped below their daily short-term MAs and as a result a test of the lower end of their ranges will be expected should these levels be above tonight’s close. The MAs in question are 45.27 WTI; 48.27 Brent; 153.71 Heat; 135.77 RBOB and 465.25 Gasoil

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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.