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PVM Midday Report 29 January 2015

Published Thursday, January 29th, 2015

Headlines

  1. China to increase commercial oil storage capacity by over 10% this year
  2. North Dakota oil producers push state to change laws on radioactive material disposal
  3. Number of unemployed in Germany eases 9000 in January, jobless rate steady at 6.5%
  4. European Commission survey of consumer morale rises marginally in January to 101.2
  5. Pace of decline in eurozone private-sector lending slows to -0.5% in December

Oil

Fundamentals: Surging Chinese imports of crude look set to continue after storage companies in the world’s biggest net importer of petroleum products hinted that they are to boost commercial oil tank capacity by over 10% this year. As China makes the most of cheaper crude prices, producers in North Dakota have upped their efforts to preserve cash and cut costs by pushing the state’s legislators to make it cheaper for them to dispose of radioactive materials produced as part of the hydraulic fracking process.

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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.