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PVM Midday Report 08 September 2015

Published Tuesday, September 8th, 2015

PVM Midday Report

Headlines

  1. Chinese crude oil imports plunge 13.4% m-o-m to 26.59 million tonnes in August
  2. UBS trims Brent price projections for 2015 and 2016 to $55 & $57.50/bbl respectively
  3. OPEC members give greenlight for Indonesia to return to the cartel in December
  4. Eurozone 1Q and 2Q ’15 GDP figures revised upwards to +0.5% & +0.4% respectively
  5. Gauge of US small business confidence inches 0.5 higher to 95.9 in August

Oil                                                                                              

Fundamentals: Official data from Beijing has shown that Chinese crude oil imports tumbled by 13.4% in August to 26.59 million tonnes in what was the first m-o-m decline since May. UBS has become the latest financial institution to downgrade its Brent crude price forecasts which it now sees averaging $55 this year and $57.50 in 2016 which is down from a previous estimate of $61.50 and $70 respectively. Iran’s oil minister has given his explicit support to any measures or steps aimed at helping oil prices recover. Staying with OPEC, the return of Indonesia to the cartel has been given the final greenlight by other members and is set to re-join this December in time for the group’s next ordinary meeting.

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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.