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PVM Midday Report 23 May 2014

Published Friday, May 23rd, 2014

1.)   Russian gasoil and fuel oil exports fell in April from the previous month

2.)   Johan Sverdrup oil field project on the North Sea could be delayed.

3.)   Both Spain and Greece have been upgraded by a notch.

4.)   German business morale is the lowest this year.

Economy: After an encouraging set of PMI data was released yesterday the economic optimism continued this morning. Standard & Poor upgraded Spain’s credit worthiness and Moody’s did the same to Greece. The German economy expanded 0.8% in the first quarter of this year from the previous one. The positive picture was somewhat clouded by the fall in German business morale which reached its lowest annual level in May. As a result the euro has weakened to a three-year low against the dollar. The FTSE Eurotop 100 index is down 0.14% on the day at the time of writing.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.