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: 100.56 (-0.08)
July WTI85.15 (0.13)
June Gasoil: 864.25 (-1.25)
£/$: 1.5489
Euro/$ 1.2577
World News:
-Spain’s bond auction today is aimed to raise between one and two billion euros amid banking crisis.
-A dip in British Manufacturing activity and worsening Eurozone problems have renewed the talks in the BoE for more economic stimulus.
-Syrian troops are accused by opponents of killing another 78 people in a new massacre before a UN security council meeting.
-Iran’s IAEA envoy said it will not allow national security to be jeopardized by IAEA inspectors working for Western intelligence agencies.
-Chavez will register himself for re-election next Monday, as he battles the cancer.
Oil News:
-US crude advances for a fourth day as US and European governments suggest they may take action to boost economies and Iran said it will stand firm on nuclear talks. Brent follows suite and closes above $100.
-Enbridge shut its 609,000 bpd oil pipeline in Midwest US for routine maintenance.
-Canadian heavy crude spreads widened due to refinery maintenance and tight pipeline capacity as expectations suggest TransCanada will have flow limits on Keystone pipeline.
-Fire broke out at the Gramercy LA Petroleum Coke refinery yesterday.
|
Brent |
WTI |
WTI/Brent |
Gasoil Cracks |
Gasoil |
||||||
| Front |
0.51 |
0.52 |
-0.31 |
-0.30 |
-15.44 |
-15.38 |
14.72 |
14.74 |
4.75 |
5.00 |
| Second |
0.36 |
0.37 |
-0.31 |
-0.30 |
-14.63 |
-14.55 |
14.88 |
14.97 |
2.25 |
2.50 |
| Third |
0.43 |
0.44 |
-0.31 |
-0.30 |
-13.96 |
-13.87 |
15.14 |
15.25 |
0.75 |
1.00 |
| m/z |
|
|
|
|
|
|
|
|
8.00 |
8.50 |
| z/z |
2.60 |
2.76 |
-0.52 |
-0.40 |
-12.20 |
-12.08 |
15.76 |
16.16 |
6.25 |
8.00 |
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