PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Headlines
- Saudi Arabia raises price of its Arab Light crude to Asian buyers for second straight month
- Money managers bolster bets on rising US crude prices by 20% in week to Dec 29
- Oil storage tank on fire at Libya’s Es Sider oil port following attack by IS militants
- Eurozone annual inflation rate unchanged in December versus November at +0.2%
Oil
Fundamentals: As expected, Saudi Arabia has increased the official selling price of its Arab Light crude to Asian buyers for a second straight month. Loadings for February have been set at a discount of 80cts/bbl to the Oman/Dubai average with represents a 60cts/bbl increase compared with January. Prices to US customers were kept unchanged while those to European buyers were cut by 60cts/bbl versus January. Meanwhile, a hefty trimming of gross short positions by money managers in CME & ICE WTI has pushed net speculative length in the US crude benchmark up by 13,420 lots in the week to December 29 to 78,126 contracts – a six-week high.
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