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PVM Midday Report 04 February 2015

Published Wednesday, February 4th, 2015

Headlines

  1. Militants seize control of remote al-Mabrook oilfield in northern Libya
  2. China moves to boost lending by trimming banks’ reserve requirements by 0.5%
  3. Eurozone final services PMI climbs to 52.7 in Jan, exceeds earlier estimate of 52.3
  4. US mortgage applications index rises 1.3% in week to January 30

Oil                                                                                              

Fundamentals: Rebels with links to Islamic State have seized control of the remote al-Mabrook oil field in northern Libya, reportedly killing four local employees in the process according to a diplomatic source. The 40,000 bpd field has been shut since December and the incident will further undermine the stability of the country which is teetering on the brink of civil war. Meanwhile, talks between Shell and officials representing US refinery workers have failed to produce a deal for a third day and are set to resume later today.

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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.