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PVM Midday Report 19 October 2015

Published Monday, October 19th, 2015

Headlines

  1. Saudi Arabia’s August crude oil exports dip by 278,000 bpd m-o-m to 6.998 mbpd
  2. Britain’s North Sea Buzzard oil field resumes production after four-day shutdown
  3. China’s September implied oil demand slips 0.1% y-o-y to 10.13 mbpd
  4. Iranian oil official hints at 0.5 mbpd rise in oil output less than a week after sanction relief
  5. Chinese 3Q GDP growth eases to a six-year low of +6.9%; beats estimates of +6.8%

Oil                                                                                              

Fundamentals: With Tehran taking a step closer to sanctions relief following this weekend’s Adoption Day of the JCPOA, an Iranian oil official has claimed that an increase of 500,000 bpd in its oil output will take place less than a week after sanctions are lifted. Staying with OPEC members, official data has revealed that Saudi crude oil exports dipped by 278,000 bpd in August to 6.998 mbpd compared with 7.276 mbpd in July. This comes as it reduced crude oil production be 96,000 bpd over the same period. Calculations from Reuters have shown that China’s implied oil demand fell marginally by 0.1% in September from a year ago to 10.13 mbpd. The UK’s 186,000 bpd North Sea Buzzard oil field has resumed operations after a four-day stoppage which began last Thursday. Meanwhile, a significant bout of short covering has seen net speculative length in ICE Brent crude rise by almost 21,000 lots in the week to Oct 13 to a 12-week peak of 203,536 contracts.

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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.