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PVM Midday Report 15 December 2015

Published Tuesday, December 15th, 2015

Headlines

  1. Moody’s trims 2016 Brent and WTI price forecasts to $43 and $40 bbl respectively
  2. OPEC Sec-Gen predicts end to low oil price environment in a few months or a year
  3. Russian oil export duty projected to fall to an 11-year low in January at $73.3/tonne
  4. ZEW survey of German economic sentiment climbs to four-month high in December
  5. UK annual inflation rate quickens in Nov to +0.1%; ends two month spell of deflation

Oil                                                                                              

Fundamentals: Moody’s has become the latest financial institution to cut its 2016 Brent and WTI price projections. The credit-rating agency now sees Brent averaging $43/bbl next year, $10/bbl less than a previous estimate, while it trimmed an earlier forecast for 2016 WTI prices by $8/bbl to $40/bbl. OPEC’s Secretary-General has maintained his bullish medium to long-term outlook for oil prices after claiming that they will strengthen in the coming months. This comes as the IAEA is set to officially close its probe on Iran’s nuclear programme later today in what is a significant step in the process of sanction relief.

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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.