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PVM Midday Report 26 January 2015

Published Monday, January 26th, 2015

Headlines

  1. Rival Libyan oil minister claims oil output at 363,000 bpd, exports at 200,000 bpd
  2. OPEC Secretary-General thinks Saudi oil policy will “be normal” under new King
  3. German business confidence rises for third straight month in January
  4. Russia to export 3.3 million tonnes of Urals grade crude in February from Primorsk
  5. Nigeria’s Trans Forcados oil pipeline resumes operations after one week shutdown

Fundamentals

Economy: European stock indices are firmer as fears concerning the fallout from the overwhelming win by the anti-austerity Syriza party at the Greek general election subside – the Eurofirst 300 is adding 0.2%. Alexis Tsipras has reportedly formed a coalition government after his party narrowly missed out on an absolute majority and looks set to renegotiate the terms of Greece’s debt. Concerns that the widely-expected result would add to growing eurozone uncertainty have failed to materialise with Italian and Spanish debt as well as benchmark Bund yields remaining steady. Greek borrowing costs haven’t fared so well after ticking higher and giving up last week’s QE-launch induced gains.

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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.