PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
After last week’s turmoil yesterday was all about whether there would be follow-through selling or a rebound. The answer is that there was a bit of both on the stock markets. The S&P turned in a gain of 0.72%, lapping up strong results from Berkshire Hathaway, and the DOW gained 0.46%.
Reaction in Europe was less positive with the FTSE 100 marginally down and Germany’s DAX eased by 0.61%. Banco Espirito Santo was bailed out to general relief, leading to a 1% rebound in the Lisbon index and a slippage in Portugal’s 10-year government bond yield to 3.62%.
Libya still claims to be producing 450,000 bpd despite its slide into anarchy and Iraq managed to increase oil exports in July to 2.44 mbpd from 2.42 mbpd in June. It is still not clear if ISIS has taken the Mosul Dam and the Ain Zalah oilfield from the Kurds.
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