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 producer prices fall 0.1% in July against June
- Russian daily oil output up 1.2% to 10.52 mbpd in August from July
- UK construction output growth at seven-month high in August
- North Sea Buzzard oilfield production expected to resume later today
- EU mulls fresh sanctions against Russia, decision expected on Friday
Fundamentals
Economy: European stocks are firmer as investors bet on fresh stimulus from the ECB following yesterday’s weak eurozone manufacturing data – the Eurofirst 300 is advancing 0.2%. Further bolstering the case for additional monetary support and another indication of a slowdown across the currency-bloc are figures pointing to a 0.1% fall in producer prices in July from June. The ensuing rise in risk appetite comes at the expense of haven assets with the yen 0.5% softer against the buck and gold falling 1% to $1,270/oz. Gains to the US dollar are widespread as speculation of ECB action keeps pressure on the euro and news of increasing support for Scottish independence triggers a 0.5% fall in the pound sterling.
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