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PVM Midday Report 10 October 2014

Published Friday, October 10th, 2014

Headlines

  1. Iran cuts its Light crude OSP to Asian buyers for November loadings
  2. OPEC keeps 2014 & 2015 oil demand growth estimates unchanged
  3. Secondary sources put OPEC production at 30.47 mbpd in September
  4. UK construction output falls unexpectedly by 3.9% in August
  5. Saudi production increases by 100,000 bpd in September to 9.704 mbpd

Fundamentals

Economy: European stocks are heading for their third consecutive weekly loss as risk aversion triggered by poor global economic growth prospects continues to weigh on investor sentiment – the Eurofirst 300 is shedding 1.4%. A dismal week in which the eurozone’s poor economic health drew special attention has been capped by further underwhelming data this morning. Italian industrial output figures for August missed expectations whilst French manufacturing production over the same month fell by 0.2% from July. The sour tone made its way across the English Channel after UK construction output unexpectedly slumped 3.9% in August and highlights the risks still posed to what has been viewed as a resilient economy.

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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.