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PVM Midday Report 23 February 2015

Published Monday, February 23rd, 2015

Headlines

  1. Libya’s Zueitina port restarts crude exports; flows from Sarir oilfield to Hariga port resume
  2. South Korean refiners buy four million bbls of Forties crude for loading in March
  3. Speculators increase net length in ICE Brent by 12,438 lots in week to February 17
  4. Ifo survey of German business morale rises marginally to 106.8 in February

Oil                                                                                              

Fundamentals: Crude exports from Libya remain subdued at around 200,000 bpd despite the re-opening of the Zueitina port. Hopes that exports from its Hariga port will restart were bolstered after incoming oil flows from the Sarir oilfield were resumed following a pipeline attack over a week ago. Brent crude continues to attract strong demand from Asian buyers with South Korean refiners reportedly purchasing four million bbls of Forties crude for March loading as they take advantage of Brent’s falling premium over the Dubai crude benchmark. Meanwhile, speculators have raised their net length in ICE Brent crude by 12,438 lots to 171,412 contracts in the week to February 17.

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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.