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PVM Midday Report 09 October 2015

Published Friday, October 9th, 2015

Headlines

  1. Saudi crude oil output seen holding steady in September at 10.22 mbpd
  2. OPEC ex-Angola & Ecuador oil exports set to rise to 24.07 mbpd in four weeks to Oct 24
  3. Russia to trim idle primary oil refining capacity in November to 0.631 million tonnes
  4. ANZ lifts 4Q 2015 Brent and WTI average price forecasts to $48 & $45 bbl respectively
  5. UK construction sector output unexpectedly falls by 4.3% in August compared with July

Oil                                                                                              

Fundamentals: According to well-placed sources, Saudi crude oil production was largely unchanged in September at 10.22 mbpd which is down only 60,000 on the month. Similarly, oil output from the UAE and Kuwait was seen holding firm during the same month at around 3 mbpd and 2.9 mbpd respectively. Staying with OPEC, the cartel’s crude oil exports excluding Angola and Ecuador are predicted to average 24.07 mbpd in the four weeks to October 24 which is up 430,000 bpd on the previous 28-day period. Russia is set to reduce its idle primary oil refining capacity in November to 0.631 million tonnes in a move which may dent crude oil export volumes. Meanwhile, ANZ has lifted its 4Q 2015 Brent and WTI average price estimates to $48/bbl and $/45bbl respectively.

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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.