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PVM Midday Report 15 February 2016

Published Monday, February 15th, 2016


  1. Iranian crude oil exports currently at 1.3 mbpd; set to rise to 1.5 mbpd by the end of March
  2. Chinese crude oil imports tumble 20% on the month in January to 6.29 mbpd
  3. Speculators trim bets on rising ICE Brent prices for the first time in six weeks
  4. Chinese exports and imports slump in January; PBoC sets renminbi peg sharply higher
  5. Japan suffers bigger-than-expected GDP contraction of 0.4% in final quarter of 2015


Fundamentals: Predictions that Chinese crude oil imports would build on a record 2015 have been dented after figures highlighted a 20% slump in January from the a record high in December to a three-month low of 6.29 mbpd. Iran has revealed that its crude oil exports currently stand at 1.3 mbpd and are expected to reach 1.5 mbpd by the end of March. This comes as its oil minister hinted that he expects Japan to increase its purchases of Iranian crude oil back up to pre-sanctions levels of about 314,000 bpd. Standard Chartered has become the latest to join the ever-growing list of institutions that have downgraded their 2016 oil projections and now sees Brent and WTI averaging $50/bbl and $45/bbl respectively. Meanwhile, net speculative length in ICE Brent crude has been trimmed by 27,000 lots in the week to February 9 in what was first fall in six weeks.

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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.