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PVM Midday Report 15 January 2015

Published Thursday, January 15th, 2015


  1. OPEC increases 2015 oil demand growth forecast by 30,000 bpd to 1.15 mbpd
  2. Swiss National Bank scraps euro exchange-rate ceiling & cuts interest rates to -0.75%
  3. Exports of Basra crude from Iraq’s southern terminals planned at 3.3 mbpd in February
  4. Secondary sources put OPEC oil output at 30.20 mbpd in Dec, up 142,000 bpd on Nov
  5. German 2014 GDP growth in line with expectations at 1.5%


Economy: European stocks are yo-yoing after the Swiss National Bank surprised markets by removing its exchange rate cap against the euro whilst also lowering its interest rate to -0.75% – the Eurofirst 300 is adding 1.3%. The decision by the Swiss central bank was ostensibly prompted by fears of a further weakening of the euro/dollar rate which has been mirrored to a lesser extent by the Swiss franc. The unexpected move has caused wild swings across equity, oil and foreign exchange markets as traders struggle to adjust their positions accordingly. Meanwhile, the prevailing mood remains largely cautionary on persistent concerns of waning global growth prospects and the threat of deflation.

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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.