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
- ECB cuts benchmark interest rate to 0.05%
- German industrial orders rebound 4.6% in July from June
- Britain’s North Sea Buzzard oilfield resumes production
- Bank of England leaves monetary policy on hold
- Kurdish officials claim repairs to Baiji refinery will take at least a year to complete
Fundamentals
Economy: European bourses are ticking higher as investors absorb the unexpected cut by the ECB of its benchmark interest rate to 0.05% – the Eurofirst 300 is climbing 0.2%. Encouraging data from the eurozone’s engine economy is also lending support to the broadly upbeat mood after German industrial orders for July surpassed expectations, jumping 4.6% from June to their highest level for more than a year. Moreover, increasing prospects of a de-escalation in the Ukrainian crisis are having a positive impact on sentiment which in turn are helping risk appetite levels to recover. The surprising move by the ECB is pushing the single currency to a one-year low against the dollar while sovereign debt yields of member countries slip further
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