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PVM Midday Report 18 November 2015

Published Wednesday, November 18th, 2015

Headlines

  1. Official data reveals Saudi crude oil exports rose marginally to 7.111 mbpd in September
  2. Angolan exports of crude oil set to fall by 340,000 bpd m-o-m in January to 1.46 mbpd
  3. Russia hints that it will increase exports of oil-refined products to Europe
  4. French authorities kill two suspects in anti-terror raid in northern Paris suburb

Oil                                                                                              

Fundamentals: Official data from Riyadh has revealed that Saudi Arabia’s crude oil exports rose marginally to 7.111 mbpd in September from 6.998 mbpd in the previous month. Angolan crude oil exports are projected to stand at 1.46 mbpd in January and represents a hefty decline from the 1.8 mbpd planned in December. Staying with Angola, its budget projections for next year have indicated that it crude oil production will average 1.89 mbpd in 2016 which is slightly up from current levels. Meanwhile, Russia has signalled that it plans to increase supplies of oil-related products to Europe as it seeks to undermine rivals hoping to capture some of its market share.

Technicals: The relentless slump has been put on hold as the contracts experience a corrective rally with Brent, WTI and Gasoil following the lead set by RBOB and Heat which have climbed over important upside pivots at 124.84 and 137.45 respectively. Targets lower will be negated if these levels are below tonight’s close while rallies to the 8-day MAs are sales. These are 42.15 WTI; 45.60 Brent; 141.83 Heat; 128.93 RBOB and 433.50 Gasoil. It is not advised to be long.

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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.