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PVM Midday Report 31 March 2015

Published Wednesday, April 1st, 2015


  1. Russian Foreign Minister signals “good chance” of deal at eleventh hour nuclear talks
  2. Deutsche Bank trims 2015 Brent and WTI price forecasts to $58.70 & 52.20 bbl respectively
  3. India halts all crude imports from Iran in March but is expected to resume next month
  4. Russian exports of ULSD from port of Primorsk set to dip by 6.1% m/m in April
  5. German unemployment dips to fresh low and eurozone deflation eases in March


Fundamentals: The oil market is coming under pressure from comments made by the Russian Foreign Minister that there was a “good chance” of a deal being made at today’s last ditch nuclear talks. Figures have shown that India suspended imports of crude from Iran this month for the first time in more than a decade in order to meet strict sanction guidelines. Russian exports of ULSD from the port of Primorsk are set to dip by 6.1% in April to 1.138 million bbls compared with March. Deutsche Bank has trimmed its estimate of 2015 average crude prices for Brent and WTI to $58.70/bbl & $52.20/bbl respectively. Meanwhile, an operator has confirmed that flows along the Kirkuk-Ceyhan pipeline have resumed as of last night following a brief stoppage due to technical problems.

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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.