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PVM Midday Report 03 March 2015

Published Tuesday, March 3rd, 2015

Headlines

  1. Rival Tripoli-based government warplane attacks Libyan ports of Ras Lanuf and Es Sider
  2. January Chinese oil output & crude throughputs up 1.7% & 0.6% respectively
  3. Eurozone producer prices fall 0.9% in January in fourth straight m/m decline
  4. German retail sales jump 2.9% m/m in January, +5.3% y/y

Oil                                                                                              

Fundamentals: Libyan crude production has once again been subject to disruptions after key oil infrastructure at the ports of Ras Lanuf and Es Sider were attacked by a warplane belonging to the rival Tripoli-based government. Forces from the internationally-recognised in turn launched air attacks against an airport in Tripoli and are planning to do the same at an airport located in Misrata. Meanwhile, a 1.7% increase in Chinese oil production during January to 18.06 million tonnes has been somewhat reflected by a 0.6% y/y rise in crude oil throughputs to 39.35 million tonnes (9.27 mbpd) over the same period.

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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.