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PVM Midday Report 05 November 2015

Published Thursday, November 5th, 2015

Headlines

  1. North Sea crude output expected to hit a two-year high of 2.054 mbpd in December
  2. Saudi Arabia trims December Arab Light crude OSP to US and Europe
  3. Launch of Chinese crude oil futures contract pushed back to first quarter of 2016
  4. Swedish refiner buys first cargo of Saudi crude oil in nearly two decades
  5. German industrial orders suffer third straight monthly decline in September

Oil                                                                                              

Fundamentals: Saudi Arabia has stepped up its efforts to boost crude oil exports to the US and Europe after cutting the OSP of its Arab Light crude for December loadings. Moreover, in a sign that the de facto OPEC leader is actively seeking to expand its customer base, it has been revealed that a Swedish refiner has purchased its first cargo of Saudi crude for nearly two decades. The highly-anticipated launch by China of a crude oil futures contract which is expected to challenge the dominance of the ICE Brent and NYMEX WTI contracts is likely to be pushed back to the first quarter of next year. Meanwhile, North Sea crude oil production is forecast to reach a two-year high of 2.054 mbpd in December.

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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.