Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 30 July 2014

Published Wednesday, July 30th, 2014


  1. Eurozone economic sentiment ticks slightly higher in July from June
  2. US mortgage applications index slips 2.2% in week to July 25
  3. Spanish consumer prices fall 0.3% y/y in July, 2Q GDP growth at 0.6%
  4. Oil flows along Kurdish pipeline halted as storage tanks at port of Ceyhan full


Economy: European stocks are slightly softer as investors ready themselves for clues on the health of the US economy and the latest decision on monetary policy from the Federal Reserve – the Eurofirst 300 is easing 0.1%. Adding to the cautionary mood are yesterday’s tough sanctions against Russia agreed by the EU and US which have targeted its energy, arms and finance sectors. These measures have so far been shrugged off by Russian assets after they rallied this morning with Moscow’s Micex surging 2.2% and the rouble gaining 0.5% versus the buck. Expectations of a strong rebound in 2Q US economic growth and a bullish jobs report for July are lending support to the dollar index which is adding 0.1% whilst 10-year US Treasury yields are little changed at 2.47%. Dovish inflation data from the Eurozone has sparked concerns of deflation after Spanish monthly consumers prices fell at their greatest y/y rate in July since October 2009.

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.