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PVM Midday Report 14 July 2016

Published Thursday, July 14th, 2016

Headlines

  1. BoE keeps interest rates on hold at historic low of 0.5%, hints at stimulus in August
  2. Singapore fuel oil stocks hit three-week high of 27.545 million bbls
  3. BoJ officials quash hopes of looming helicopter money stimulus
  4. Latest survey of British consumer confidence plunges to lowest level since 2014

Oil                                                                                              

Fundamentals: Oil prices are recovering some ground following yesterday’s US-stats-induced selloff as the complex takes its cues from solid gains across global stock markets and a marginally softer dollar. Elsewhere, oil stocks in Asia continue to point to a significant oversupply as evidenced by middle distillates and fuel oil inventories in Singapore rising by 63,000 bbls and 638,000 bbls respectively to fresh multi- week highs.

Technicals: The contracts are attempting a recovery but are still in most cases hemmed in by the 5 and 8 day MAs. These are key pivotal resistances and only closes above the highest of them will greenlight a slingshot leg higher. They are 45.82 WTI; 47.28 Brent; 142.69 Heat; 140.04 RBOB and 417.75 Gasoil. Watch the s/t MAs, they will they will flag the next leg. Keep exposure limited until the next leg is clear.

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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.