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
- Britain’s North Sea Buzzard oilfield shuts down again
- Russian oil production to stabilise at around 525 mln tonnes a year until 2017
- Ukraine ceasefire holds, Russia pushing for talks on status of Donetsk and Luhansk
- UK industrial output increases 0.5% m/m in July
Fundamentals
Economy: European stocks are struggling for direction as investors weigh the uncertainty blighting foreign currency markets and an improving geopolitical backdrop – the Eurofirst 300 is flat. The creation of a new government in Iraq and the postponement by the EU of fresh sanctions planned against Russia are doing little to support risk appetite levels. Benchmark US Treasury yields are ticking slightly higher despite the largely cautionary mood as ongoing dollar strength and the imminent conclusion of the Fed’s QE programme dents demand for the perceived haven asset. Gold is proving to be another victim of the buck’s recent surge as it slips towards a three-month low.
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