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: 95.83 (-0.22)
July WTI 82.97 (-0.30)
July Gasoil: 841.50 (0.00)
£/$: 1.5687
Euro/$ 1.2604
World News:
-Asian shares dip this morning as fears over Spain’s banking system continue and Greece’s election gets priced in.
-Spain’s borrowing costs rise to a new record yesterday, 41 basis points on the day to 7.29% as fears in Eurozone continue.
-German bonds steady at today’s open. Spanish bonds expected to remain under pressure ahead of bond auction today and on Thursday.
-Problems will continue in Egypt as both the military and Muslim Brotherhood claim victory in Sunday’s elections.
-8 Turkish soldiers killed and 15 wounded fighting with Kurdish militants in southeast Turkey.
-Religious clashes continue in Nigeria yesterday killing at least 52 people.
Oil News:
-Brent remains around $96, trading around 16 month lows at $95.86 this morning as fears rising debt cost will harm demand.
-Enbridge announces they will reverse Line 9 crude pipeline to allow Ontario and Quebec refineries access to lower cost Canadian feedstock.
-Iranian insurance companies will offer coverage for foreign oil tankers to continue shipping Iran’s oil after ban begins on July 1st.
-The American AAA announced motorists will travel in record numbers for Independence Day holiday as cheaper gasoline prices continue.
|
Brent |
WTI |
WTI/Brent |
Gasoil Cracks |
Gasoil |
||||||
| Front |
-0.05 |
-0.04 |
-0.32 |
-0.31 |
-12.61 |
-12.57 |
16.51 |
16.55 |
4.25 |
4.50 |
| Second |
0.11 |
0.12 |
-0.33 |
-0.32 |
-12.35 |
-12.27 |
16.09 |
16.21 |
2.25 |
2.50 |
| Third |
-0.04 |
-0.02 |
-0.31 |
-0.30 |
-11.93 |
-11.85 |
16.11 |
16.26 |
0.50 |
0.75 |
| z/m |
0.42 |
0.49 |
-1.10 |
-1.01 |
|
|
|
|
3.50 |
4.25 |
| z/z |
1.56 |
1.65 |
-0.97 |
-0.86 |
-11.29 |
-11.18 |
15.71 |
16.10 |
1.75 |
2.50 |
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