Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 04 August 2014

Published Monday, August 4th, 2014

Headlines

  1. Iraqi oil exports increase in July from June to an average of 2.442 mbpd
  2. Sentix survey of Eurozone investor confidence unexpectedly slumps in August
  3. Libya’s newly elected parliament holds first formal session
  4. Euro-area producer prices rise 0.1% m/m in June; first increase since last December
  5. Speculators raise net length in ICE Brent by 3,500 lots in week to July 29

Fundamentals

Economy: European equities are slowly regaining their poise following last week’s sharp sell-off as fears over an imminent US rate rise subside – the Eurofirst 300 is adding 0.3%. Moreover, the mood is benefiting from investor relief at the latest Eurozone bailout in which Portugal’s largest listed bank was rescued by its government. Nevertheless, caution is prevailing as it provides a reminder of the fragility of the region’s banking sector. Ongoing geopolitical concerns ranging from Libya, Gaza and the Ukraine is bolstering demand for benchmark German Bunds whose yields are just 2 bp away from historic lows.

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.