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PVM Midday Report 25 February 2015

Published Wednesday, February 25th, 2015

Headlines

  1. Saudi Oil Minister claims pick up in oil demand is helping markets stabilise
  2. Head of Gazprom threatens to halt gas deliveries to Ukraine if it does not pay
  3. Russia to increase March exports of Urals from ports of Primorsk & Novorossiisk
  4. Greek Finance Minister warns that it may struggle to meet debt repayments in July
  5. US mortgage applications index falls by 3.5% in week ended February 20

Oil                                                                                              

Fundamentals: Ali al-Naimi, the Saudi Oil Minister, has claimed that growing oil demand has tempered market volatility and bolsters those of the opinion that the complex may have already bottomed out. These comments echo those from a senior Gulf OPEC delegate who recently said that increasing demand has helped oil prices stabilise at around $60/bbl, a level which he described as “okay for now”. A preliminary loading schedule has revealed that Russia is to export 3.5 million tonnes of Urals crude from Primorsk in March, an increase from 3.3 million tonnes in February. Meanwhile, US weekly crude inventories look set to record another sizeable build with the API forecasting an increase of 8.9 million bbls in nationwide stocks with Cushing building 2.4 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.