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PVM Midday Report 28 July 2014

Published Monday, July 28th, 2014


  1. Tanker containing Kurdish oil cleared to unload at sea off Texas coast
  2. Italian business morale slips by more-than-expected in June from May
  3. Speculators cut length in ICE Brent by 37,786 lots in week to July 22
  4. Average US gasoline prices fall 9cts/gal over past two weeks


Economy: European stock indices are little changed as markets brace themselves for a busy week of data which includes the latest US monetary policy decision and Friday’s non-farm US payroll report – the Eurofirst 300 is down 0.1%. There was no such apprehension on Asian bourses after figures pointing to a solid jump in earnings by Chinese industrial firms in June sent the region’s stocks towards a three-year high. Geopolitical tensions remain at the fore of investors’ concerns as fighting between Israel and Hamas resumed today following a brief pause over the weekend. Nevertheless, the mood is largely upbeat with sentiment being underpinned by robust US corporate results and ongoing central bank largesse. Consequently, perceived-haven assets are coming under pressure as benchmark Treasury and Bund yields add 2 bp whilst gold eases $5 but holds above $1,300/oz

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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.