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PVM Midday Report 02 February 2015

Published Monday, February 2nd, 2015

Headlines

  1. January crude exports from Iraq’s southern terminals slip to 2.389 mbpd
  2. Net length in ICE Brent crude rises by 1,056 lots in week to January 27
  3. Open short positions in WTI reaches five-year high at the end of January
  4. Reuters reports reopening of Shell’s Nembe Creek pipeline in Nigeria following leak
  5. Eurozone final January manufacturing PMI rises to 51 from 50.8 in December

Oil

Fundamentals: Following last week’s news that rig counts suffered a big fall across the US, lower crude prices appear to be weighing on Russian oil production after output fell by 10,000 bpd in January to 10.66 mbpd. Further evidence of downward pressure on production was supported by figures pointing to a significant fall Iraq’s southern oil exports after they dipped to 2.389 mbpd in January from 2.76 mbpd in December. The future of shale oil and gas extraction in the UK was dealt a blow today as Scotland announced a moratorium on hydraulic fracturing and comes only two days after Westminster rejected a UK-wide ban. Speculators have raised net length in ICE Brent by 1,056 lots to 143,039 contracts in the week ended January 27 and comes in contrast with data showing that volumes of open short positions in WTI rose to a five-year high at the end of last month.

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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.