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PVM Midday Report 13 April 2015

Published Monday, April 13th, 2015


  1. Iraq sets pricing for new Basra Heavy crude grade, launch pushed back to June
  2. Speculators increase net length in ICE Brent by 14,999 lots in week to April 7
  3. Eastern Libyan port of Hariga reopens, two tankers dock
  4. Russia in goods-for-oil deal with Iran but not in breach of current sanctions
  5. Chinese March exports plunge by 15% on the year, trade surplus at 13-month low


Fundamentals: The eastern Libyan port of Hariga has reopened with two tankers having docked this morning after poor weather conditions forced its closure over the weekend. However, the bad weather looks to have made it way to the Persian Gulf with sources claiming that strong winds and poor visibility have prompted Saudi Arabia to shut its Ras Tanura port. Pricing for loadings of Iraq’s new Basra Heavy crude grade to Asia have been set at $6.85/bbl below Oman/Dubai although the expected May launch has been pushed back by a month. Chinese crude imports bucked an overall dip to record a healthy 4.93% m/m rise in March to 26.81 million tonnes. Meanwhile, financial speculators have increased bets on rising crude prices after net length in ICE Brent crude jumped by 14,999 lots to 233,929 contracts in the week to April 7.

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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.