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PVM Midday Report 03 February 2015

Published Tuesday, February 3rd, 2015

Headlines

  1. March BFOE loadings set at 910,000 bpd, up from 900,000 bpd planned in February
  2. Eurozone producer prices slump by more-than-expected in December
  3. UK final construction PMI improves to 59.1 in January from 57.6 in December
  4. Italian inflation rate falls to record low of -0.4% in January

Oil                                                                                              

Fundamentals: March loadings of North Sea BFOE crude are set to average 910,000 bpd, a modest rise from 900,000 bpd planned in February. Despite the recent rebound in oil prices, BP’s Chief Executive has claimed that oil prices will remain low for the foreseeable future and expects US oil production to decline in the second half of 2015 according to Reuters. Meanwhile, US refinery workers are set to begin a third day of strike action as Shell and the United Steelworkers Union continue in their pursuit of coming to a “mutually satisfactory” agreement.

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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.