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PVM Midday Report 08 October 2015

Published Thursday, October 8th, 2015

Headlines

  1. Planned maintenance on Britain’s North Sea Buzzard oilfield to begin Nov 7 and last 8 days
  2. Saudi Arabia’s Yasref refinery operating at 75-85% of capacity as it undergoes repair works
  3. German exports tumble 5.2% in August compared to July
  4. Bank of England vote 8-1 to keep rates of record lows

Oil                                                                                              

Fundamentals: Maintenance work on Britain’s 186,000 bpd North Sea Buzzard oilfield which was due to take place in October but subsequently postponed to November is set to begin on the 7th November and last eight-and-a-half days. Saudi Arabia’s 400,000 bpd Yasref refinery is said to be operating at between 75 to 85 % of capacity as works continue to repair a leak in one of the hydrocracker trains.

Technicals: The market is pausing for breath and losing some of its bite this morning. However all the contracts are still above the short term (s/t) MAs, although RBOB briefly slid below the 5-day, and the stochastics are positive. Moves confirmed by closes below more of the short term MAs would not be positive, and one needs to exercise caution. The contracts have upside potential whilst above the s/t MAs.

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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.