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PVM Midday Report 05 March 2015

Published Thursday, March 5th, 2015

Headlines

  1. IS militants set light to 25,000 bpd Ajil oilfield next to Iraqi city of Tikrit
  2. Oil storage capacity at the UAE port of Fujairah set to rise 75% by 2020
  3. Five of the biggest oil ETFs see assets quadruple since July on increased volatility
  4. Qatar retroactively raises the February OSP of its Marine and Land crude grades
  5. German industrial orders slump 3.9% in January from previous month

Oil                                                                                              

Fundamentals: After IS militants forced Libya’s NOC to declare a force majeure on 11 oilfields, another attack has led to the closure of the 25,000 bpd Ajil oilfield next to the Iraqi city of Tikrit. Qatar as has followed in the footsteps of the Abu Dhabi NOC after retroactively raising the February OSP of its Marine and Land crude grades by $10.25/bbl & $10.15/bbl respectively. Staying in the Gulf, an official from the Emirates has revealed that oil storage capacity at the port of Fujairah is set to rise by 6 million cubic metres (mcm) by 2020 to approximately 14 mcm. Meanwhile, the high levels of volatility that has beset oil markets has prompted big inflows into oil exchange-traded funds (ETF) with five of the biggest seeing their assets quadruple in the last eight months to $5.4 billion.

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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.