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PVM Midday Report 19 May 2014

Published Monday, May 19th, 2014

  1. Libya’s El Sharara and El Feel oilfields remain closed
  2. Russia announces pullback of troops from Ukrainian border
  3. Bundesbank reveals German economic growth likely to slow in 2Q
  4. Speculators raise net length in ICE Brent by 7,525 lots in week to May 13

Fundamentals

Economy: Global equities have started the week in cautionary fashion after news that China is to tighten lending rekindles concerns of a slowdown in the world’s second-largest economy – the FTSE ALL-World is easing 0.35%. The move announced in a bid to support its cooling property market and curb activities in the so-called shadow baking sector look set to undermine short-term growth prospects. The bearish mood is sending money into haven assets with gold adding eight dollars to $1,301/oz and benchmark US Treasury yields holding steady above six-month lows. One bright spot has been has been the diminishing tensions surrounding Ukraine as reports of a pullback of Russian troops from the border help Moscow’s Micex reach its highest level since the start of March

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.