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…
Headlines
- Eurozone manufacturing PMI slips to 13-month low in August
- Russian diesel exports from Primorsk set to increase by 7.5% in September from August
- Britain’s North Sea Buzzard oilfield shuts down again
- August UK manufacturing PMI hits 14-month low
- China cuts retail fuel prices by 1%
Fundamentals
Economy: European bourses are starting the month on a tentative note as investors pare bets ahead of this week’s ECB policy meeting and await developments regarding the Ukrainian crisis – the Eurofirst 300 is up 0.1%. With little sign of a lessening in the warnings and accusations being exchanged between Russia and Ukraine, sentiment is being further undermined by the latest release of downbeat data from the euro-area. Taking its cues from a disappointing Chinese reading, the Eurozone manufacturing PMI slipped to a 13-month low of 50.7 in August and just about remained in expansion territory. Moreover, despite recently enjoying a resurging economy, the UK posted similarly disappointing manufacturing figures after its equivalent reading for the same period fell to a 14-month low.
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