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Sunny outbreaks over the Eurozone, clouds gather in the East

Published Thursday, April 24th, 2014

Eurozone consumer confidence at a 6-year high, the April flash composite PMI beating expectations at 54.0, Italian debt yields at record lows, Portuguese and Spanish sales oversubscribed and Greece in primary surplus. It may not feel like it to people on the ground but economic data clearly indicate that Eurozone gloom is lifting.

Sadly it is coming at a time when gloom is descending on China and perhaps more significantly on the Ukraine. Last Friday’s agreement in Geneva was an illusion. Kiev has announced that it is resuming its offensive against terrorists. Ukraine’s ‘terrorist’ is Russia’s ‘citizen’ and Russia’s Foreign Minister Sergei Lavrov said yesterday that “Russian citizens being attacked is an attack against the Russian Federation”.

On the oil markets it was a much bigger day for WTI than Brent with CME and ICE WTI turning over 786,000 lots between them compared to a combined total of 527,000 on Brent. WTI ended the day down 31cts/bbl at $101.44/bbl and Brent lost 16cts/bbl ($109.11/bbl) despite news of a 25% cutback (50,000bpd) in Buzzard output for 4 days due to maintenance.

To read the rest of the report, please click here 

Posted by David Hufton