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PVM Midday Report 20 January 2015

Published Tuesday, January 20th, 2015

  • China’s December oil demand at 10.6 mbpd is the highest ever.
  • Trans Forcados oil and gas pipeline is shut in Nigeria due to vandalism.
  • The IMF cut global, Chinese and Latin American GDP growth for 2015 and 2016
  • China’s economic expansion was 7.4%, below the 7.5% target.

Economy

The main talking points are centred on GDP numbers. The IMF cut global growth estimates for this year and next by 0.3%. One of the biggest losers is Latin America where economic expansion was cut by 0.9 and 0.5 respectively. The most important, however, is the downward revision in Chinese growth by 0.3% to 6.8% for 2015 and 0.5% to 6.3% in 2016. Although 2014 Chinese GDP growth disappointed, the 4Q figure at 7.3% was a tad better than expected. The Shanghai Composite Index rallied on the back of this news and settled 1.86% higher after Monday’s 7.7% drop. European shares are also stronger with the Spanish stock market up 1.43% and FTSE-100 index 0.63% above yesterday’s settlement level.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.