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PVM Midday Report 01 October 2015

Published Thursday, October 1st, 2015

Headlines

  1. Iraqi crude oil exports dip to 3.052 mbpd in September from 3.078 mbpd in August
  2. Survey puts September OPEC oil output at 31.68 mbpd, up from 31.57 mbpd in August
  3. Iran to present around 50 energy projects next month in bid to boost oil output by 2 mbpd
  4. Saudi Arabia condemns Russian air strikes, calls for an end to its involvement in Syria
  5. Final Eurozone Manufacturing PMI slips to five-month low of 52.0

Oil                                                                                              

Fundamentals: Iraq’s crude oil exports dipped a touch to 3.052 mbpd in September from the 3.078 mbpd recorded in the previous month. This comes as a survey of OPEC production puts the cartel’s crude output in September at 31.68 mbpd, up from 31.57 mbpd in August. Staying with OPEC, Iran has announced that it aims to increase its oil output by 2 mbpd from around 50 energy projects that it is due to present to investors next month in Tehran. Meanwhile, loadings of North Sea Brent crude in November are set to match those planned for the nearby Oseberg crude stream at 120,000 bpd.

Technicals: The contracts have leapt above their daily short-term MAs and as such the top end of the recent ranges have been greenlighted. They are 48.07 WTI; 50.25 Brent; 159.81 Heat; 143.41 RBOB and 482.50 Gasoil. Upside potential will only be maintained on a close above the s/t MAs and therefore care is advised.

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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.