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PVM Midday Report 23 October 2015

Published Friday, October 23rd, 2015

Headlines

  1. Chinese crude oil stocks rise 2.38% m-o-m in Sep; diesel inventories down 15.7%
  2. Maintenance works send Russian refinery crude run rates down 7.1% in Sep from Aug
  3. North Dakota approves plan to double permitted timeframe to frack oil wells
  4. Flash Eurozone Composite PMI rises to 54 this month from 53.6 in September
  5. China’s central bank cuts interest rates in bid to stimulate flagging economy

Oil                                                                                              

Fundamentals: Official data has highlighted a 2.38% month-on-month rise in Chinese crude oil stocks at the end of September as gasoline inventories also increased by a similar of 2.5%. Diesel stockpiles on the other had registered their biggest fall on record of 15.7% over the course of the same period. Seasonal maintenance works have seen Russian refineries process 420,311 fewer barrels per day in September than in August. Meanwhile, lawmakers in North Dakota have approved a plan to double the timeframe under which oil wells must be fracked to two years.

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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.