Waiting for Saudi’s position (ICP forecast as of 11 Sept 2015)

September 11, 2015 • Tell FriendsPrinter Friendly

The summary of market info as of 11 Sept 2015 is as follows:

  • The North Sea and Nigeria will ship the most crude in more than three years in October, adding to downward pressure on oil prices just as demand wanes from refiners shutting down for seasonal maintenance
  • Iran has given a discount for their crude to regain market share in Asia and ramp up the output. The additional supply from Iran will hit the market as early as the first quarter of 2016.
  • OPEC’s uncertain mood was apparent at a Gulf Cooperation Council meeting in Doha (Sept 10). Saudi Arabian Oil Minister declined to comment in that meeting on the crude market or prices.
  • EIA forecasts WTI at $49.23 for 2015 and $53.57/bbl for 2016, while Brent at $54.07/bbl and $58.57/bbl for 2016.

Based on the graph, we estimate SLC will stable to $44.08.53/bbl in September 2015 and will average $ 51.19/bbl for full year 2015.

Sept 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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