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PVM Midday Report 23 February 2016

Published Tuesday, February 23rd, 2016

Headlines

  1. Iran expects to clinch oil deals worth up to $15 billion in the six month to March 2017
  2. Flows along Kurdish oil pipeline to Turkey suspended until at least February 29
  3. UK oil lobby warns that North Sea investments could fall below £1 billion this year
  4. German 4Q’15 GDP confirmed at a modest +0.3% as investor morale dips to a 14-month low

Oil                                                                                              

Fundamentals: The head of Iran’s National Oil Company has revealed that it hopes that its newly minted petroleum contracts will help it secure deals with international oil companies worth $10 billion-$15 billion in the six months to March 2017. Meanwhile, a pipeline used to export 600,000 bpd of Kurdish crude oil via Turkey is expected to remain offline until February 29 at the earliest after it was sabotaged last week.

Technicals: The market is erratic and volatile. It is using the short term (s/t) MAs as springboards to resistance, where it will most likely fail. Moves below the s/t MAs would likely present us with tests of support. The next leg is not clear, so keeping exposure limited and waiting for developments is advised.

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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.