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PVM Midday Report 30 October 2015

Published Friday, October 30th, 2015

Headlines

  1. China more than doubles 2016 oil import quotas for independent companies
  2. Reuters survey sees OPEC crude output down 120,000 bpd in October at 31.64 mbpd
  3. Russian exports of ULSD to remain steady in November at around 1.27 million tonnes
  4. Eurozone inflation ticks higher to zero in Oct after having shrunk by 0.1% in Sep
  5. Euro-area jobless rate dips to lowest level since January 2012 in September

Oil                                                                                              

Fundamentals: China has set next year’s oil import quota for privately-owned companies at 87.6 million tonnes which is more than double this year’s figure of 37.6 million tonnes. Russian exports of ultra-low sulphur diesel from the Baltic port of Primorsk are expected to hold steady in November at around 1.27 million tonnes. Meanwhile, a Reuters survey of OPEC production has signalled a 120,000 bpd drop in the cartel’s output to 31.64 mpbd in October from 31.76 mbpd in the previous month with Iraq and Saudi Arabia leading the decline.

Technicals: The contracts continue to recover well from the lows earlier in the week and are making further inroads towards upside targets at the 34-day MAs. They are 46.43 WTI; 49.39 Brent; 150.36 Dec’ Heat; 135.00 RBOB and 460.25 Gasoil. Only conclusive closes above the aforementioned levels will cement this recovery and green light targets higher. Watch them carefully.

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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.