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PVM Midday Report 02 December 2015

Published Wednesday, December 2nd, 2015

Headlines

  1. Venezuela to push for OPEC oil output cut at Friday’s meeting
  2. Russian crude oil production steady at post-Soviet record high in November
  3. Iran reiterates that it does not need permission to raise crude oil output
  4. Eurozone annual inflation rate unchanged in November from October at +0.1%

Oil                                                                                              

Fundamentals: Venezuela’s President Nicolas Maduro has indicated that it will push for a 5% cut in OPEC oil production when the cartel meets this Friday in an effort to boost oil prices. Iran’s Oil Minister has reiterated that it does not need permission from any entity to raise crude oil output once sanctions are fully lifted. Meanwhile, Russian crude oil output has held steady in November at a post-Soviet record high of 10.78 mbpd.

Technicals: RBOB’s recent bout of strength has paused and the complex has duly drifted lower. RBOB has dipped to its 5-day MA around 134.00 and targets lower across the board will be confirmed if it manages a move and close below important support at the 8-day MA around 132.75. These aforementioned objectives lower are 40.41 on WTI; 43.15 Brent; 134.54 Heat and 390.00 Gasoil. The contracts bar RBOB remained pinned below the s/t daily MAs and as a result continue to look weak. Watch RBOB at 132.75 – a m/c below will ensure further downside potential.

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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.