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PVM Midday Report 19 February 2015

Published Thursday, February 19th, 2015

Headlines

  1. North Dakota operational drilling rig count falls to fresh low of 127
  2. API forecasts huge 14.3 million bbls build in latest weekly US crude stocks
  3. Greece makes formal request for six-month extension of its current bailout
  4. Rebel attacks against Ukrainian forces intensify despite ceasefire

Oil                                                                                              

Fundamentals: North Dakota, the heartland of the US shale oil revolution, has seen its number of drilling rigs in operation fall to a new low of 127 and below the 130 level needed for the state to maintain current output level of more than 1.2 mbpd. Meanwhile, all eyes will be on today’s weekly US commercial inventories figures after the API predicted a huge build in crude stocks of 14.3 million bbls along with yet another build at Cushing of 3.1 million bbls. Distillates are expected to have drawn 2.7 million bbls while gasoline registered a small build of 1.3 million bbls.

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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.