Getting hit from all angles (ICP forecast as of July 2015)

July 8, 2015 • Tell FriendsPrinter Friendly

The summary of market info as of 8 July 2015 is as follows:

  • Oil slumped the most since March amid speculation that :

    – The Greek crisis prompted investors to eschew riskier assets.

    – How China will restore investor confidence after the Shanghai Composite slumped since mid-June.

    – Nuclear deal with Iran will be reached soon in Vienna. Market speculated that Iran will try to get that into the market as quickly as possible, even if it triggers a price collapse.

  • For the first time in almost seven months, America’s shale drillers put rigs in oil fields back to work, and they’re doing it at a lower price.

  • Saudi Arabia cut pricing for August oil sales of its Arab Light crude grade to Asia (the main market) as it seeks to defend sales amid a global glut.
  • EIA forecasts WTI at $55.51 for 2015 and $62.04/bbl for 2016, while Brent at $60.15/bbl and $67.00/bbl for 2016.

 Based on the graph, we estimate SLC will be down to $56.84/bbl in July 2015 and will average $ 56.04/bbl for full year 2015.

July 2015

Disclaimer: The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and would be updated every month.

 

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