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PVM Midday Report 21 July 2014

Published Monday, July 21st, 2014

1.)   China is cutting retail gasoline and diesel prices effective tomorrow

2.)   Nigeria cuts August OSP for Qua Iboe and Bonny Light

3.)   German economic growth stalled in 2Q, according to the Bundesbank

4.)   The People’s Bank of China sign a bilateral currency swap agreement with the SNB

5.)   Greek May current account deficit was at €246 million

 

Economy

Due to the prospect of tighter sanctions the Russian stock market has lost 1.4% this morning and is more than 10% down from the recent high on July 10. EU foreign ministers meet in Brussels tomorrow to agree on the introduction of new measures against Russia. European shares are generally lower whilst the euro is unchanged against the dollar. The potentially bearish impact of the escalation of the Ukrainian crisis has been somewhat offset by better-than-expected corporate earnings reports from Friday which sent the DJIA and the S&P 500 indexes higher.

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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.