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PVM Midday Report 02 October 2015

Published Friday, October 2nd, 2015

Headlines

  1. Russia’s crude oil production climbs to 10.74 mbpd in Sep from 10.68 mbpd in Aug
  2. Brazilian crude oil output hits record high of 2.547 mbpd in August; up 3.3% m-o-m
  3. Russian lawmaker hints that Syria air strikes could last up to four months
  4. Hurricane Joaquin expected to turn away from US East Coast
  5. Final UK September Construction PMI leaps to 7-month high of 59.9

Oil                                                                                              

Fundamentals: Russian crude oil production has climbed to a fresh post-Soviet high of 10.74 mbpd in September which was up from 10.68 mbpd in the previous month. Similarly, Brazil’s crude oil output has inched higher to a record peak of 2.547 mbpd in August after rising 3.3% from July’s total. Meanwhile, as Russian warplanes conduct Syrian air raids for a third day, a Russian policymaker has claimed that the strikes may last up to four months.

Technicals: The complex continues to lack impetus and trading this morning is subdued. The directionless and range-bound nature means that from a technical perspective it only makes sense to stay on the sidelines until a conclusive breakout occurs. The respective range extremities are as follow: 43.99 & 48.07 WTI; 47.16 & 50.25 Brent; 149.94 & 159.81 Heat; 129.23 & 143.41 RBOB; 456.50 & 482.50 Gasoil. The current price action is closer to the bottom end of the aforementioned ranges but a m/c below looks unlikely at this stage.

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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.