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PVM Midday Report 21 September 2015

Published Monday, September 21st, 2015

Headlines

  1. Saudi crude oil exports dip by 89,000 bpd on the month in July to 7.276 mbpd
  2. Nigerian exports of Qua Iboe and Bonny Light crude set to fall in November
  3. Chinese imports of Iranian crude down 12% in August from July to 503,110 bpd
  4. Speculators cut net length in ICE Brent crude by 6,612 lots in week to Sep 15

Oil                                                                                              

Fundamentals: Official data out of Saudi Arabia has revealed that its crude oil exports dipped by 89,000 bpd in July from June to 7.276 mbpd as domestic refineries upped their run rates. Chinese imports of Iranian crude oil rose by 61% year-on-year in August to 503,110 bpd but were down 12.6% on the 575,700 bpd recorded in July. Moreover, the month-on-month decline registered last month is expected to continue in September where imports are projected to be around 420,000 bpd. Nigerian exports of Qua Iboe crude for November have been set at 307,000 bpd which is down on the 368,000 bod planned for October while exports of Bonny Light crude are similarly expected to fall over the same period from 221,000 bpd to 162,000 bpd. Meanwhile, financial speculators have trimmed net length in ICE Brent crude by 4% to 161,846 lots in the week to September 15.

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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.