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
July Brent: 97.16 (-0.84)
July WTI 81.65 (-1.05)
July Gasoil: 838.25 (-7.75)
£/$: 1.5490
Euro/$ 1.2489
World News:
-Eurozone members discuss limits on withdrawals from ATM’s, imposing border checks and Eurozone capital controls if Greece were to leave the euro.
-Most European shares open down this morning following poor performance in both the US and Asia.
-Protest rally in Moscow against Putin today will test ability of opposition to create pressure.
-India’s industrial output growth nearly stalled in April compared year on year, at just 0.1%.
Oil News:
-The US allows India, South Africa, Turkey and South Korea among others to import Iranian crude without penalties.
-Brent and WTI fall yesterday as Spanish bailout loses steam and the Saudi oil minister says OPEC may need to produce a higher quota.
-Singapore announced they have not been importing any Iranian crude oil in May.
-Sinopec said they will not raise Iranian crude oil imports even if offered at a discount as US ties are very important.
-Company suggest they will cut 2012 Iranian oil imports by 16-20% from previous year.
-Delek Holdings announced malfunction at its 60,000 bpd Tyler, Texas refinery due to sulphur dioxide emissions.
|
Brent |
WTI |
WTI/Brent |
Gasoil Cracks |
Gasoil |
||||||
| Front |
0.23 |
0.24 |
-0.32 |
-0.31 |
-15.51 |
-15.42 |
15.41 |
15.54 |
5.50 |
6.50 |
| Second |
0.08 |
0.09 |
-0.31 |
-0.30 |
-14.97 |
-14.86 |
15.23 |
15.41 |
2.75 |
3.00 |
| Third |
0.25 |
0.26 |
-0.34 |
-0.32 |
-14.60 |
-14.47 |
15.24 |
15.45 |
0.50 |
0.75 |
| m/z |
|
|
|
|
|
|
|
|
8.00 |
9.25 |
| z/z |
1.60 |
1.69 |
-1.79 |
-1.65 |
-13.15 |
-13.00 |
15.78 |
16.32 |
1.25 |
1.50 |
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