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PVM Midday Report 16 January 2015

Published Friday, January 16th, 2015

Headlines

  1. IEA trims 2015 non-OPEC supply growth by 350,000 bpd to 950,000 bpd
  2. IEA leaves 2015 global oil demand growth unchanged at 900,000 bpd
  3. Oil traders seen storing West African crude in US until price rebounds
  4. Eurozone inflation confirmed at -0.2% in December

Fundamentals

Economy: European equities are struggling for traction as the repercussions of the unexpected scrapping of the franc/euro cap continues to ripple through markets – the Eurofirst 300 is flat. Although the degree of volatility across asset classes has lessened, investor uncertainty continues to weigh on risk appetite. As a result, highly-rated government bonds are extending gains. Benchmark French and Italian borrowing costs have dipped to record lows while yields on 10-Year Swiss bonds have fallen into negative territory for the first time. Gold is steady at a four-month high following yesterday’s bounce while the euro losses another 0.3% against the dollar.

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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.