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PVM Midday Report 28 April 2016

Published Thursday, April 28th, 2016

Headlines

  1. Asian imports of Iranian crude oil surge by 50% y-o-y in March to 1.56 mbpd
  2. Russian exports of oil products from its Black Sea port of Tuapse set to rise in May
  3. Regional data indicates German headline inflation rate fell to zero in April
  4. European Commission survey of economic confidence inches higher in April

Oil                                                                                              

Fundamentals: Iran’s resurgence in the oil-export market has been highlighted by figures which revealed that its crude oil loadings to Asia leapt by 50% in March from a year ago to 1.56 mbpd. The increase was led by South Korea which almost doubled its intake of Iranian crude while healthy appetite from India saw its purchases climb to a five-year high of 506,000 bpd. Elsewhere, Russian exports of oil products from its Black Sea port of Tuapse are set to rise in May to 1.471 million tonnes from 1.321 million tonnes observed in April.

Technicals: The contracts are struggling for traction after registering solid gains in the last two trading sessions. Nevertheless, the complex remains positive but another close is needed above important supports to confirm the bullish outlook. These are 44.17 WTI (200-day MA); 46.41 July Brent (200-day MA); 134.27 June Heat (5-day MA); 157.23 June RBOB (range support) and 394.50 Gasoil (200-day MA). Positions should be run up to resistance if these aforementioned levels are below tonight’s close while longs ought be liquidated if they fail to hold.

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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.