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: 93.46 (-0.04)
Aug WTI 80.59 (0.38)
July Gasoil: 830.75 (1.75)
£/$: 1.5586
Euro/$ 1.2491
World News:
-Asian stocks rise as positive Japanese retail sales and US home sales and durable goods orders give market confidence.
-Today’s EU summit sees Merkel fight with Italy and France against joint liability for each other’s debt.
-Top Federal Reserve officials have made differed comments about economic growth, indicating more QE is not as certain.
-Russia and big powers told UN’s Annan that they would back a Syrian national unity cabinet.
Oil News:
-US crude gains closing at highest price in one week as US home sales and durable goods orders beat forecast.
-Brent crude advanced in London as Norwegian workers strike halts 15% of the country’s oil output.
-National Shipping Co. of Saudi Arabia and Saudi Aramco sign agreement to merge fleets in a combination of $1.3 billion.
-Japan’s crude oil imports are up 7.1% in May according to Japan’s Ministry of Finance.
|
Brent |
WTI |
WTI/Brent |
Gasoil Cracks |
Gasoil |
||||||
| Front |
-0.03 |
-0.02 |
-0.39 |
-0.38 |
-12.91 |
-12.87 |
17.26 |
17.39 |
5.25 |
5.50 |
| Second |
0.17 |
0.18 |
-0.40 |
-0.39 |
-12.55 |
-12.49 |
16.83 |
16.97 |
3.00 |
3.25 |
| Third |
-0.04 |
-0.03 |
-0.45 |
-0.44 |
-12.00 |
-11.93 |
16.82 |
17.04 |
1.00 |
1.25 |
| z/m |
-0.09 |
-0.03 |
-1.83 |
-1.76 |
|
|
|
|
3.50 |
4.25 |
| z/z |
0.65 |
0.70 |
-1.99 |
-1.79 |
-11.17 |
-11.15 |
16.34 |
16.58 |
-3.00 |
-0.25 |
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