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PVM Midday Report 23 June 2016

Published Thursday, June 23rd, 2016

Headlines

  1. Final UK EU referendum poll puts Remain in the lead with 55%, Leave vote on 45%
  2. Saudi oil minister hints at return to balancing role once oil output surplus disappears
  3. Dubai sets its September crude OSP at parity to DME Oman futures
  4. Flash Eurozone Composite reading comes in weaker-than-expected at 17-month low

Oil                                                                                              

Fundamentals: The newly appointed Saudi oil minister has hinted that the oil market imbalance is almost at an end after claiming that “supply and demand are almost equal”. This comes less than a day after he made comments that Saudi Arabia may return to its role of keeping the oil markets balanced once the surplus in global oil production comes to an end.

Technicals: The contracts look like firming to the recent highs. RBOB is over the 34s and the rest are all above the 13s. The odds are that the contracts head on WTI to 50.59 WTI; 51.65 Brent; 152.00/98 Heat; 161.05 RBOB; and 455.50 Gasoil. Be careful at these resistances.

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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.