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PVM Midday Report 17 August 2015

Published Monday, August 17th, 2015

Headlines

  1. Fire forces the closure of Kuwait’s 200,000 bpd Shuaiba refinery
  2. Speculators cut net length in ICE Brent crude to 2015-low in week to Aug 11
  3. Angola’s October crude oil exports set at 1.82 mbpd, a rise from September’s 1.77 mbpd
  4. Oman crude oil and condensate production tops 1 mbpd for first time in July

Oil                                                                                              

Fundamentals: A fifth of Kuwait’s domestic refining capacity has gone offline this morning after a fire at its 200,000 bpd Shuaiba refinery forced its immediate evacuation and shutdown. Staying on the Arabian Peninsula and Oman has revealed that its combined crude oil and condensate production topped 1 mbpd for the first time in July. West African crude differentials are expected to come under further downside pressure after Angolan oil exports for October were set at 1.82 mbpd, an increase from the 1.77 mbpd planned in September and will add to the already considerable glut. Meanwhile, financial speculators have trimmed net length in ICE Brent crude by 21,295 lots in the week ending Aug 11 to a 2015-low of 125,889.

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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.