Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 24 October 2014

Published Friday, October 24th, 2014

Headlines

  1. Iraqi crude exports from its southern terminals stay close to record high
  2. UK economy expands 0.7% in 3Q, 0.2% down on previous quarter
  3. Kurdish oil exports via Ceyhan may have risen 20,000 bpd to 200,000 bpd
  4. Italian retail sales slip 0.1% during August in fourth consecutive monthly decline
  5. Oil exploration consortium finds small oil field near Gatwick airport

Fundamentals

Economy: European bourses are ending a week of substantial gains on a sour note with investor confidence suffering from news that a doctor in New York returning from west Africa has been diagnosed with Ebola – the Eurofirst 300 is slipping 0.2%. Risk assets have rallied in recent sessions as a result of seemingly improving macro conditions in the eurozone and better-than-expected US earnings report. However, with risk aversion firmly in retreat, perceived havens are attracting high levels of demand. Benchmark US Treasury yields are a touch softer at 2.25% whilst the yen is 0.1% firmer against the dollar. German Bund yields are down four basis points with traders across the currency-bloc displaying caution ahead of the latest ECB stress test results due this weekend.

to read the rest of the report, please click here 

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.