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PVM Midday Report 18 September 2014

Published Thursday, September 18th, 2014


  1. Libya’s Zawiya refinery and El Sharara oilfield currently offline
  2. Saudi oil exports up slightly in July from June to 6.989 mbpd
  3. Russia reiterates it will not reduce gas exports to Europe this winter
  4. First allocation of ECB cheap bank loans programme falls short of expectations
  5. UK retail sales rise 0.4% m/m in August


Economy: European bourses are ticking higher as investors digest the latest policy update from the Fed in which it pledged to keep rates at record lows for the foreseeable future – the Eurofirst 300 is climbing 0.8%. Although prospects of loose monetary policy is boosting demand for risk assets, projections pointing to a faster pace in eventual rate rises is weighing on haven assets. Benchmark US Treasury yields are adding 2 bp whilst gold is trading below an eight-month low. The hawkish elements of the Fed’s statements are supporting the US dollar which is up 0.2% against a basket of major currencies to more than a four-year high.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.