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PVM Midday Report 05 January 2016

Published Tuesday, January 5th, 2016

Headlines

  1. Saudi Arabia raises price of its Arab Light crude to Asian buyers for second straight month
  2. Money managers bolster bets on rising US crude prices by 20% in week to Dec 29
  3. Oil storage tank on fire at Libya’s Es Sider oil port following attack by IS militants
  4. 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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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.