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PVM Midday Report 07 June 2016

Published Tuesday, June 7th, 2016


  1. Nigeria to begin talks with the Niger Delta Avengers militant group – Oil Minister
  2. Indian state-owned refiners may halt diesel imports, turn to private refiners
  3. Ghana’s crude oil output set to triple by the end of 2018 to more than 350,000 bpd
  4. Final reading of eurozone 1Q GDP revised upwards to +0.6%
  5. German industrial output rebounds in April with a forecast-topping rise of 0.8%


Fundamentals: Indian imports of diesel may slump in the coming months after its state-owned refiners struck a temporary agreement to resume buying the fuel from with privately-owned refiners following a sales tax dispute. Ghana has revealed that its crude oil output is predicted to rise sharply over the next two years with expectations that it will average more than 350,000 bpd by the end of 2018 and compares to current production levels of around 110,000 bpd. Meanwhile, Nigeria’s oil minister has revealed that talks with the militant group responsible for the bulk of attacks on its oil infrastructure are due to begin soon. He added that the country’s current oil output is between 1.5-1.6 mbpd.

Technicals: The contracts are for the large part performing well and have broken over range resistances but only closes above these levels will maintain the upside potential. They are 50.10 WTI; 50.91 Brent; 152.00 Heat; 160.94 RBOB and 455.00 Gasoil. RBOB however remains a problem as it is the only contract below its s/t MAs and has a negative stochastic. This is not encouraging and needs a move and close over the lowest of its s/t MAs at 161.14 (5) to give the energy complex some much needed harmony.

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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.