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PVM Midday Report 08 Janaury 2016

Published Friday, January 8th, 2016

Headlines

  1. Iran raises its February OSP for crude oil loadings to Asian buyers
  2. Saudi state-owned oil giant Aramco signals possible listing on capital markets
  3. Chinese central bank hints at further loosening of monetary policy
  4. German industrial output unexpectedly falls in Nov; imports and exports rebound

Oil                                                                                              

Fundamentals: Iran has followed in the footsteps of its fellow OPEC-member Saudi Arabia in raising the official selling price of its February crude oil loadings destined to Asian buyers. The price of its Light and Heavy crude grades have risen by 60cts and 70cts/bbl respectively compared with January. Meanwhile, sate-owned oil giant Saudi Aramco has confirmed that it is examining the option of listing on capital markets.

Technicals: The trend is down. It is not advised to play against it. Targets lower were hit over the last two days and more poor moves confirmed by closes (m/c) to green light further weakness will probably occur. WTI needs to m/c below the Dec 2008 low at 32.40 to activate the next objective lower to 26.65; Brent below 33.45 to green light a move down to 31.50; Heat to 104.54; RBOB below 115.52 to have a target to 102.31; and Gasoil below 313.25 to have an objective to 303.50. Meanwhile rallies to the 5 and 8 day MAs are sales.

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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.