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PVM Midday Report 14 October 2015

Published Wednesday, October 14th, 2015

PVM Midday Report

Headlines

  1. Russian 2016 crude oil output set to decline as Moscow decides to postpone oil tax cut
  2. China’s headline annual inflation rate slips to 1.6% in September
  3. German government trims 2015 GDP forecast to 1.7% from 1.8% previously
  4. UK jobless rate dips to 2008-low of 5.4% in the three months to August
  5. Eurozone industrial production falls 0.5% m-o-m in August

Oil                                                                                              

Fundamentals: In a move which could see its crude oil output dip by up to 8 million tonnes next year, Russia has decided not to implement a recently agreed cut in its oil export duty with the mechanism for calculating the tax remaining unchanged until at least September 1st 2016. Staying with Russia, its energy minister has described the entry of Saudi Arabian crude supplies into its traditional stronghold of East European energy markets as the “toughest competition”. Meanwhile, with the weekly update on US commercial oil stocks delayed until tomorrow, a Reuters poll has forecast crude inventories to have risen by 2.8 million bbls while those for gasoline and distillate are seen falling by 1.7 million bbls and 100,000 bbls 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.