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PVM Midday Report 30 September 2015

Published Wednesday, September 30th, 2015

Headlines

  1. Asian imports of Iranian crude oil jump 10% y/y in August to 1 mbpd
  2. Reuters poll reduces 2016 Brent & WTI price forecasts to $58.60 & $54.10 bbl
  3. Eurozone slips back into deflation after prices dip by 0.1% y/y in September
  4. UK 2Q GDP confirmed at +0.7%; current account deficit drops to 2-year low

Oil                                                                                              

Fundamentals: Imports of Iranian crude oil by the four largest Asian buyers jumped 10% in August compared with a year earlier to a smidge above 1 mbpd in anticipation of sanction relief. However, preliminary loading schedules have painted a more negative picture for September where Iranian crude exports to Asia are expected to fall 16% on the month. Kazakhstan has revealed that several OPEC members have approached it regarding co-ordinated action aimed at supporting soft oil prices but the former-Soviet nation claims to have already cut its oil output by 1 mbpd this year to 1.6 mbpd. Meanwhile, the oversupplied oil outlook will continue to cap price gains next year according to a Reuters poll which sees 2016 Brent and WTI averaging $58.60 & $54.10 bbl respectively which is down $3.70 & $2.90/bbl from last month’s survey.

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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.