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PVM Midday Report 01 April 2015

Published Wednesday, April 1st, 2015

Headlines

  1. Iranian nuclear talks extended with likelihood of a deal still hanging in the balance
  2. May loadings of North Sea Brent and Ekofisk to fall to 97,000 & 252,000 bpd respectively
  3. West African crude exports to Asia set to jump by 30% to 2.34 mbpd in April
  4. Eurozone final manufacturing PMI climbs to 10-month high of 52.2 in March
  5. US mortgage applications index rise 4.6% in week to March 27

Oil                                                                                              

Fundamentals: Uncertainty over the Iranian nuclear deadlock continues to weigh on the oil markets with negotiations being extended into today as Iranian and Russian officials expressed optimism that a deal was close to being reached. Falling May loadings of the North Sea Brent and Ekofisk crude grades to 97,000 and 252,000 bpd respectively are doing their best to support the BFOE complex. Meanwhile, West African oil exports to Asia are expected to jump by 30% to 2.34 mbpd, a rise from 1.78 mbpd planned this month.

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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.