PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Good morning, 07:30 am London time
June Brent: 119.34 (-0.58)
June WTI: 103.98 (-0.57)
May Gasoil: 1012.00 (-5.25)
£/$: 1.6183
Euro/$ 1.3198
World News:
-S&P downgrades Spanish debt because of the deficit deterioration and a larger probability that the country will need bailout funds.
-Asian shares have opened on the upside on Friday due to positive US data, although downgrade of Spanish credit rating capped gains.
-Reuters poll: US GDP expected to have expanded at a 2.5% annual rate.
-The BOJ have increased asset purchases by $124 billion facing government pressure to ease monetary policy.
-US jobless claims fell to 388.000 from a revised 389,000 the week before, highest level since January.
Oil News:
-Asian demand for gasoil continues to strengthen, as tight supply and firm demand support refining margins and strong intermonth spreads. This is contrary to another piece of news claiming strong refining losses continue to weigh on Chinese state oil company’s losses.
-Mexico have opened for the first time in 74 years their oil and gas industry to private investment.
-Libya claims it will reach its pre-war crude output by June, starting their biggest refinery soon; production is expected to reach 1.6M bpd soon.
-EIA will produce a report today on how Iran sanctions are affecting supply in the market.
-Husky Energy has shut down several units at their 155,000 bpd refinery in Ohio.
-Valero’s 87,400 bpd refinery in Oklahoma has reported emissions of their gasoline producing FCC.
Spreads: m/n 40/41, n/q 43/44, q/u 52/53, m/z 3.04/3.10, z12/z13 6.79/6.84.
Wti Spreads: m/n -39/37, n/q -32/-31, q/u -23/-21, m/z -1.31/-1.28, z12/z13 3.23/3.42.
Arbs: jun -15.41/-15.37, jul -14.64/-14.57, aug –13.89/-13.82, dec -11.10/-10.95.
Crack Spreads: jun 15.70/15.76, jul 15.65/15.76, aug 15.78/15.95, dec 17.19/17.51.
Gas Oil Spreads: k/m 5.50/5.75, m/n 3.00/3.25, n/q 1.75/2.00, m12/z12 11.00/11.75, z12/z13 40.00/44.75.
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