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PVM Midday Report 02 March 2015

Published Monday, March 2nd, 2015

Headlines

  1. April Ekofisk oil loadings set at 300,000 bpd, up from 271,000 bpd planned in March
  2. Iraqi oil exports rose slightly in February to 2.597 mbpd from 2.535 mbpd in January
  3. Russian daily oil production dipped 10,000 bpd to 10.65 mbpd in February from January
  4. Speculators increase net length in ICE Brent by 11,371 lots in week ended February 24
  5. Final February Eurozone Manufacturing PMI unchanged from previous month at 51

Oil                                                                                              

Fundamentals: Iraqi oil exports enjoyed a slight increase in February to 2.597 mbpd from 2.535 mbpd recorded in the previous month. Staying with OPEC, official sources have put Libyan oil output at 400,000 bpd, much higher than the current market consensus. Russian oil production remained largely unchanged in February at 10.65 mbpd which was only 10,000 bpd down on January’s level. Speculators have raised net length in ICE Brent for the third straight week in the seven days to February 24 after increasing positions by 11,371 to 182,783 contracts.

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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.