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 industrial output rebounds 1% in July from June
- OPEC’s crude basket price falls to lowest level since July 2012
- Slovak gas importer reports 10% fall in Russian supplies
- Unionists build on lead over separatists in Scottish independence poll
Fundamentals
Economy: European stocks are ending the week in a paralysed state as investors keep their gunpowder dry ahead of next week’s Federal Reserve meeting – the Eurofirst 300 is unchanged. Adding to the cautionary note are the latest sanctions announced by the West against Russia and the ensuing threats of retaliation made by the latter. The rouble has subsequently slipped 0.3% to a fresh record low against the dollar although Moscow’s Micex is advancing 0.9%. Benchmark US Treasuries yields are adding 3 bp to a six-week high and the dollar index is steady at close to a one-year high on expectations of hawkish signals from the forthcoming Fed policy meeting.
to read the rest of the report, please click here
Subscribe to News