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PVM Midday Report 16 November 2015

Published Monday, November 16th, 2015

Headlines

  1. Iran reveals new domestic oil discoveries amounting to 1 billion bbls in year to March 2015
  2. Speculators raise ICE Brent crude net speculative length by 5,550 lots in week to Nov 10
  3. Brent premium over Dubai crude climbs to 16-month high of $2.66/bbl
  4. Russian oil export duty projected to fall by 9% m-o-m in December to $88.4/tonne
  5. Eurozone October annual inflation rate revised up to +0.1%

Oil                                                                                              

Fundamentals: Speculators have bolstered bets of rising ICE Brent crude prices for a second straight week in the seven days to November 10 with net speculative length rising by 5,550 lots to 187,479 contracts and comes despite a price fall of 6% over the same period. Staying with Brent, its premium to Dubai crude has today reached its highest since July 2014 at $2.66/bbl. Russia’s oil export duty is forecast to fall 9% in December from the previous month to $88.4/tonne. Meanwhile, an Iranian oil official has claimed that recent oil discoveries mean that its overall reserves, currently estimated at more than 150 billion bbls, had risen by 1 billion bbls in the 12 months to March 2015.

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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.