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PVM Midday Report 09 December 2015

Published Wednesday, December 9th, 2015

Headlines

  1. Crude oil exports from Kurdistan rose by 5,000 bpd in Nov from Oct to 600,769 bpd
  2. Russian minister sees oil prices of $50-60/bbl as “optimistic” given recent events
  3. API reports first weekly crude oil draw for 11 weeks in US commercial stocks
  4. German October imports and exports in sharp m-o-m fall of 3.4% and 1.2% respectively
  5. Ifo trims 2015 German GDP forecast to +1.7%; raises estimate for 2016 to +1.9%

Oil                                                                                              

Fundamentals: Crude oil exports from the semi-autonomous Kurdish region in northern Iraq rose by a modest 5,000 bpd in November from October to a total of 600,769 bpd. Russia’s Deputy Economy Minister has claimed that an oil price of $50-60/bbl is optimistic in the light of recent events with more price weakness and ensuing pain for oil producers expected. Meanwhile, the API has reported a 1.9 million bbl crude draw in US commercial inventories in what will be the first such decrease in 11 weeks if confirmed by the EIA later today. Moreover, it saw gasoline and distillate stocks building by 2.68 million bbls and 5.56 million bbls respectively.

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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.