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PVM Midday Report 26 October 2015

Published Monday, October 26th, 2015

Headlines

  1. IEA executive predicts second consecutive year of declining oil investments in 2016
  2. Speculators trim bets on rising ICE Brent crude prices by 9% in week to October 20
  3. Beijing grants crude oil import licenses to two more so-called teapot refineries
  4. Ifo survey of German business sentiment slips by less-than-expected in October

Oil                                                                                              

Fundamentals: A senior executive at the IEA has predicted that 2016 will see another decline in oil investments following this year’s sharp fall of more than 20% in what will be the first back-to-back yearly slump for two decades. China has granted crude oil import licenses to two independently owned so-called teapot refineries in its latest effort to bolster competition in a sector still overwhelmingly dominated by large state-owned players. Meanwhile, speculators have trimmed bets on rising ICE Brent crude prices by the most since mid-August as a big rise in short positions sent net speculative length down by 18,597 lots to 184,939 contracts in the week to October 20.

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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.