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PVM Midday Report 11 May 2015

Published Monday, May 11th, 2015

Headlines

  1. Iraq raises June OSP for Basra Light & Heavy to Asia by +25cts & 40cts/bbl respectively
  2. Speculators raise net length in ICE Brent by 11,839 lots in week to May 5
  3. Saudi and Kuwait to shutdown joint Wafra oil field for planned maintenance
  4. Saudi military forces and Houthi rebels exchange fire in border area
  5. Chinese crude imports expected to increase further in 2H ’15 on rising storage fills

Oil                                                                                              

Fundamentals: Iraq has raised the June OSP of its Basra Light and Heavy crude grades for Asian buyers by 25cts/bbl & 40cts/bbl respectively from last month. Exchanges of heavy bombing between  Saudi government forces and Houthi rebels in border areas have been reported this morning and comes a day before a five-day humanitarian ceasefire is due to begin. Staying in the Arabian Peninsula, both Saudi Arabia and Kuwait are expected to announce plans for a two-week shutdown of its shared 190,000 bpd Wafra onshore oil field in the next 24 hours in order for planned maintenance work to be carried out. Meanwhile, financial players have increased net length in ICE Brent crude for a seventh-straight week, this time by 11,839 lots to 288,727 contracts in the week to May 5.

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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.