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PVM Midday Report 27 February 2015

Published Friday, February 27th, 2015

Headlines

  1. Reuters poll sees OPEC February crude output down 350,000 bpd to 29.92 mbpd
  2. Reuters poll raises 2015 Brent and WTI price forecasts to $59/bbl and $54.50/bbl
  3. Oman April crude OSP set to rise by $9.48 to $56.21/bbl
  4. Italy inflation rebounds to +0.1% in Feb, Spanish deflation lessens to -1.2% from -1.5%
  5. German lawmakers approve Greek bailout extension

Oil                                                                                              

Fundamentals: China has moved to reflect the recovery in oil prices after announcing its second consecutive price rise to retail fuel prices. Similarly, as Brent looks set to record its first monthly gain since July 2014, Oman will raise its April crude OSP by $9.48 to $56.21/bbl according to Reuters calculations. The belief that oil prices have bottomed out and are on the road to recovery was reflected by the latest Reuters poll which raised its 2015 average crude prices for the first time since August last year to $59/bbl Brent and $54.50 WTI. Meanwhile, increasing storage plays and rapidly dwindling capacity at Cushing is expected to boost stockpiles on the US Gulf Coast in the coming weeks.

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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.