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PVM Midday Report 17 February 2016

Published Wednesday, February 17th, 2016

Apart from the reactions from yesterday DOHA meeting there is not a lot to report on the oil front this morning. We experienced an early rally that took Brent more than a dollar above last night’s closing price, however, this rally is petering out at the time of writing. It is possibly due to reports that it will require some hard work to convince Iran to join the list of countries that would freeze their production in an attempt to support oil prices. “We have repeatedly said that Iran will increase its crude output until reaching the pre-sanctions production level.” – said Mehdi Asali, Iran’s OPEC envoy. The weekly EIA statistics on US oil stocks that will come out a day later than usual due to President’s Day which is expected to show a build of 3.9 million bbls in crude oil inventories and 600,000 bbls in gasoline stocks. Distillate inventories are set to fall 1.7 million bbls, analysts surveyed by Reuters estimate.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.