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
Aug Brent: 95.92 (0.16)
Aug WTI 84.44 (0.11)
July Gasoil: 846.75 (1.75)
£/$: 1.5719
Euro/$ 1.2668
World News:
-Asian shares rise to a monthly high after Japanese data suggested strong demand in region before Fed announcement.
-Spanish bond prices recover after yesterday’s auction allowed the government to meet its target.
-Egyptian’s Muslim Brotherhood rallied in Cairo demanding ruling generals to leave power after Sunday’s elections.
-Greek conservatives hope to create a coalitions today to persuade foreign lenders they will be able to push through the austerity measures.
Oil News:
-Brent trades around $96 as Spanish debt worries continue, although with an eye on the Fed’s policy meeting today.
-US crude remained around $84 after gaining a 0.9% in the previous session, as hopes for a Fed stimulus package grows.
-OPEC’s promise to maintain production as it is will produce a record supply of oil cargoes in Persian Gulf, as ship owners begin to demand more money after charter rates precipitated 76% in 11 weeks.
-Citgo’s 167,000 bpd refinery in Illinois reported equipment failure yesterday.
API’s
Crude down 550K
Gasoline up 1M
Distillates down 269K
Cushing up 625K
Runs down 9K
|
Brent |
WTI |
WTI/Brent |
Gasoil Cracks |
Gasoil |
||||||
| Front |
-0.22 |
-0.21 |
-0.33 |
-0.32 |
-11.50 |
-11.48 |
17.13 |
17.21 |
4.25 |
4.50 |
| Second |
-0.02 |
-0.01 |
-0.32 |
-0.31 |
-11.40 |
-11.35 |
16.60 |
16.70 |
2.25 |
2.50 |
| Third |
-0.15 |
-0.13 |
-0.37 |
-0.35 |
-11.11 |
-11.05 |
16.43 |
16.58 |
0.75 |
1.00 |
| z/m |
0.08 |
0.10 |
-1.00 |
-0.95 |
|
|
|
|
3.50 |
4.25 |
| z/z |
0.95 |
0.97 |
-0.92 |
-0.81 |
-10.62 |
-10.59 |
15.89 |
16.41 |
0.00 |
2.00 |
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