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
- EU implements fresh sanctions against Russia; Ukraine ceasefire holding
- Eurozone gauge of economic sentiment for September falls to 14-month low
- German exports surge 4.7% in July, pushes trade surplus to record high
- Reuters survey puts average OPEC members’ budget needs at $106/bbl
- ICE Brent speculators cut net length by 2,012 lots in week to September 2
Fundamentals
Economy: European equities are slipping as investors fret over the upcoming vote on Scottish independence and absorb the latest disappointing gauge on eurozone consumer sentiment– the Eurofirst 300 is down 0.8%. A poll putting the Scottish ‘Yes’ vote ahead of those in favour of staying in the Union has triggered a bout of risk aversion which is sending sterling down more than 1% against the buck to a 10-month low. Meanwhile, markets are having to digest the latest sign of a fall in economic sentiment across the euro-area after the Sentix index for September fell to its lowest level since July 2013. Conversely, German exports recorded a strong jump of 4.7% in July which helped push its monthly trade surplus to a record €22.2 billion although the OECD has once again warned that the eurozone’s biggest economy is showing signs of a slowdown in growth momentum
to read the rest of the report, please click here
Subscribe to News