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PVM Midday Report 30 January 2015

Published Friday, January 30th, 2015

Headlines

  1. Saudi Arabia expected to cut its March crude OSP for Asian buyers
  2. Force majeure on Yemen’s Balhaf LNG plant lifted
  3. Euro-area deflation deepens to -0.6% in January from -0.2% in previous month
  4. German retail sales climb 0.2% m/m & 4% y/y in December
  5. Eurozone jobless rate unexpectedly dips to 11.4% in December

Oil

Fundamentals: The official selling price for March deliveries of Oman crude is set to fall by $14.28 to $46.73 bbl. Similarly, Saudi Arabia is expected to cut the price for the majority of its crude grades to Asian buyers in March. The force majeure which was placed on Yemen’s Balhaf LNG plant last week due to the worsening security situation has been lifted. Meanwhile, the latest Reuters poll on expected 2015 crude prices sees Brent and WTI averaging $58.20 & $54.20 bbl respectively in what are the biggest month-on-month revisions since the last slump in oil prices in the aftermath of the 2008 financial crisis.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.