PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Headlines
- German industrial orders decline 2.8% in March from February
- Libyan rebels occupying eastern ports refuse to deal with new Prime Minister
- Attackers target Yemen’s main export oil pipeline, crude flows halted
- US mortgage applications index rebounds 5.3% in week to May 2
Fundamentals
Economy: European stock indices are slipping after inhering a poor Asian session as concerns over US equity valuations and the deepening Ukrainian crisis hurts investor sentiment – the Eurofirst is shedding 0.25%. The recent downward revision for global growth by the OECD is also contributing to the bearish mood. The dip in risk appetite is supporting gold prices, which are up $4 to $1,311/oz, whilst benchmark US Treasury yields ease 1 basis point to 2.58%. The dollar index continues to defy encouraging data of late on the US economy as it slips further towards a 6-month low.
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