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PVM Midday Report 06 August 2014

Published Wednesday, August 6th, 2014


  1. Iranian Oil Ministry confirms Russian oil deal
  2. Italy slips back into recession after 2Q GDP shrinks 0.2%
  3. UK Industrial production rises 0.3% between May and June, misses forecast of +0.6%
  4. German factory orders decline 3.2% in June from May
  5. 18 Ukrainian soldiers killed in fresh clashes with separatists


Economy: European stocks are tracking a softer session on Wall Street as heightened Ukraine tensions and disappointing economic data from the currency-bloc triggers a bout of risk aversion – the Eurofirst 300 is tumbling 1.4%. A build-up of Russian armed forces along the Ukrainian border is dampening the broader sentiment and is denting demand for the country’s assets – the rouble is slipping 0.5% to a four-month low whilst the Micex index is easing 1.5%. Risk appetite is being further eroded by news that Italy has slipped back into recession after its economy shrank by 0.2% in 2Q, having declined by 0.1% in 1Q. Weak manufacturing data from the Eurozone’s engine economy added to the bearish tone as German factory order unexpectedly fell 3.2% in June, the biggest contraction since September 2011. The overwhelmingly cautionary mood is sending haven assets higher with gold adding $1 to $1,289/oz whilst yields on benchmark US Treasuries ease 3 bp. Equivalent maturity Bunds are down to a record low of 1.11%.

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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.