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
- Chinese industrial activity rises 6.9% y/y in August, slowest increase since Dec 2008
- OECD trims developed economies growth forecasts
- US to export two cargoes of condensate to Europe and South Korea
- Eurozone seasonally adjusted trade surplus slips more than 10% in July from June
- Speculators raise net length in ICE Brent by 6,125 lots in week to September 9
Fundamentals
Economy: European equities are little changed as investors digest the latest signs of a slowdown in the world’s second largest economy and express caution ahead of this week’s key political and monetary events – the Eurofirst 300 is adding 0.1%. Overnight figures revealed that Chinese factory output and retail sales in August came in well below forecasts with the former growing at its slowest pace since December 2008. Along with fears that China is headed for a hard landing, risk appetite is also being undermined by ongoing uncertainty over the vote on Scottish independence as well as the looming Fed policy meeting where it is expected to strike a hawkish tone. This in turn is keeping pressure on the pound sterling which is 0.1% weaker versus the dollar while benchmark US Treasuries are steady at close to a two-month high.
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