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PVM Midday Report 18 August 2014

Published Monday, August 18th, 2014


  1. Kurdish oil exports via Ceyhan reach 6.5 million bbls and are set to continue
  2. ICE Brent speculators cut net length by 25,272 lots in week to August 12
  3. Bundesbank expects 2014 Eurozone growth to be less than previously thought
  4. Iraqi and Kurdish forces retake the Mosul Dam from ISIS militants
  5. China cuts retail fuel prices by 2%


Economy: European bourses are extending gains as fading geopolitical concerns bolsters levels of risk appetite – the Eurofirst 300 is up 0.9%. Talks held over the weekend between Ukrainian and Russian officials aimed at easing tensions are contributing to the broadly positive mood. Adding to the optimistic tone are reports that Iraqi and Kurdish forces have recaptured the Mosul dam from Islamic militants as they continue to make headway in their battle against ISIS. Demand for perceived havens is waning as benchmark Bund and Treasury yields tick fractionally higher although the former is holding close to historic lows at just below 1%.

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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.