Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 13 June 2014

Published Friday, June 13th, 2014


  1. IEA estimates 2H global oil demand to increase sharply up to high of 94mbpd in 4Q
  2. Sunni insurgents capture two more Iraqi towns, clash with Shia militias
  3. China’s implied oil demand slips 0.7% y/y in May to 9.41mbpd
  4. 1Q Eurozone employment rises as the bloc’s trade surplus widens in April
  5. Ukrainian forces regain control of the port of Mariupol


Economy: European bourses are tracking an overnight drop on Wall St as the rapid advance of Islamist militants in Iraq and the ensuing escalation in violence continues to dampen risk appetite – the Eurofirst 300 is shedding 0.7%. Encouraging data from China revealing an increase in factory output and credit growth during May are doing little to dispel concerns of waning global economic growth. As a result, the cautionary mood is helping gold extend yesterday’s 1% gain, adding $2 as it nears a three-week high. Benchmark Bund and Treasury yields are steady whilst those on UK Gilts are firmer after Mark Carney warned that interest rates could rise sooner than expected. The hawkish statement from the Governor of the BoE is sending the UK pound 0.1% higher against the buck as it approaches its strongest level in close to 5 years.

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.