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PVM Midday Report 07 September 2015

Published Monday, September 7th, 2015


  1. Iranian crude oil exports predicted to slip to a six-month low of 1.02 mbpd in September
  2. Beijing grants crude oil import quotas totalling 400,000 bpd to 5 domestic refineries
  3. Speculators trim net length in ICE Brent crude by 722 lots in week to September 1
  4. Chinese 2014 GDP figure revised down to 7.3% from previous estimate of 7.4%
  5. German industrial output climbs 0.7% m-o-m in July; misses expectations of +1.1%


Fundamentals: A seasonal drop in demand, particularly from Asian buyers, has been blamed for what is expected to be a sharp drop in Iranian crude oil exports in September to a six-month low of 1.02 mbpd. China has announced that it has granted five privately-owned domestic refineries crude oil import quotas amounting to almost 400,000 bpd in another move aimed at opening up the sector to more competition. Kuwait has claimed that it will increase its oil production by 250-270,000 bpd by year-end to make up for lost output from the closure of the Khaji and Wafra oilfields. Meanwhile, net speculative length in ICE Brent crude was barely changed in the week to September 1 with financial managers trimming bets by 722 lots to 140,660 contracts.

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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.