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PVM Midday Report 25 September 2015

Published Friday, September 25th, 2015

Headlines

  1. Iranian oil official hints that its oil exports will jump by 500,000 bpd by late Nov/early Dec
  2. Flows along Kirkuk-Ceyhan pipeline suspended since yesterday due to oil theft
  3. Chinese commercial crude oil stocks down 0.12% m-o-m at the end of August
  4. Russian exports of Urals crude from Novorossiisk port set to surge by  27% in October
  5. Eurozone lending to households and companies rises by 1% & 0.4% m-o-m in August

Oil                                                                                              

Fundamentals: Chinese commercial crude oil stocks stood a modest 0.12% lower at the end of August compared with a month earlier while gasoline and diesel inventories suffered a much sharper drop of 9.68% and 7.64% respectively. An Iranian oil official has claimed that its exports are likely to rise a lot sooner than expected with an additional 500,000 bpd anticipated by late November which will increase to 1 mbpd by spring next year. Kurdish government officials have revealed that flows along the Kirkuk-Ceyhan pipeline have been suspended since yesterday due to oil thefts and are not certain when flows will resume. Meanwhile, exports of Russia’s Urals crude grade from its Baltic Sea ports are predicted to slip 0.2% to 6.4 million tonnes on the month while those from Novorossiisk will jump 27% to 2.550 million tonnes.

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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.