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PVM Midday Report 18 February 2015

Published Wednesday, February 18th, 2015

Headlines

  1. Tanker loads first crude cargo at Libyan port of Hariga in more than a week
  2. German residential heating oil stocks down 2% in second straight monthly fall
  3. Greece to demand extension of current bailout according to reports
  4. UK jobless rate falls to 5.7% in December; weekly wage growth climbs 1.7%
  5. Ukrainian government forces attempt to withdraw from town of Debaltseve

Oil                                                                                              

Fundamentals: A tanker has successfully loaded 600,000 bbls of crude at Libya’s Hariga for the first time in more than a week but flows from the Sarir oilfield to the port remain disrupted as repairs continue following a pipeline attack last Saturday. German stocks of residential heating oil stood at 62% of tank capacity at the start of this month and represent a 2% fall from the previous month in what was the second straight monthly fall. Meanwhile, Russia’s Deputy Prime Minister has acknowledged that oil prices are unlikely to top more than $100 anytime soon but sees prices at around $80-$85 bbl as reasonable.

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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.