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PVM Midday Report 15 September 2015

Published Tuesday, September 15th, 2015

Headlines

  1. Qatar sells al-Shaheen crude at widest discount to Dubai in over 4 years
  2. Russian oil export duty expected to slump to 10-year low next month at $91.5/tonne
  3. UK annual inflation rate slips back to zero in August from +0.1% in July
  4. Eurozone trade surplus climbs to fresh record high of €31.4 billion

Oil                                                                                              

Fundamentals: The latest attempt by Venezuela’s President Nicolas Maduro to address low energy prices has again fallen on deaf ears after he suggested that OPEC organise a gathering of heads of states to which he would propose measures aimed at supporting oil prices. Oversupplied oil fundamentals continues to put downward pressure on crude grades from the Gulf with Qatar selling four cargoes of al-Shaheen crude for loading in November at its widest to the Dubai benchmark in over four years. Meanwhile, Russian oil export duty is expected to slip to more than a 10-year low next month at $91.5/tonne.

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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.