Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 29 May 2014

Published Thursday, May 29th, 2014

Headlines

  1. Libyan crude output at 155,000bpd, exports from Zueitina halted
  2. Spanish 1Q GDP expands 0.4% from previous quarter
  3. Crude flows along Iraqi Kurdistan pipeline via Turkey at 100,000-120,000bpd
  4. Pro-Russian rebels shoot down Ukrainian military helicopter

Fundamentals

Economy: European stock indices are hovering near cyclical and record highs as the market continues to price-in a fresh round of monetary easing from the ECB – the Eurofirst 300 is adding 0.1%. Moreover, prospects of further stimulus is helping sovereign debt yields hold recent lows whilst the yield basis between core and periphery Eurozone bonds remains close to multi-month lows. The largely positive mood is denting demand for gold which is slipping $4 to a 16-week low of $1,254/oz. The dollar index is easing 0.2% as investors await data on US GDP growth and initial jobs claims. The single-currency is ticking higher against the greenback as it consolidates above a three-month low, having lost close to 2% since the last ECB policy meeting.

to read the rest of the report, please click here 

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.