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PVM Midday Report 20 February 2015

Published Friday, February 20th, 2015

Headlines

  1. Libya’s Sarir oilfield expected to restart within four days
  2. Car bomb attacks rock eastern Libyan city of Qubbah – over 30 people killed
  3. Eurozone flash composite PMI climbs to 53.5 in February from 52.6 in January
  4. UK retail sales slip by a more-than-expected 0.3% m/m in January

Oil                                                                                              

Fundamentals: Libya has been rocked by several car bomb attacks in the eastern city of Qubbah which has left at least 30 people dead. However, the North African oil producer continues to try its best to reverse the recent plunge in crude output after announcing that its Sarir oilfield should restart within four days once pipeline repairs are completed. The dispute between US refinery workers and oil companies looks set to intensify after the latest proposals were rejected and walk outs at non-striking refineries were encouraged. Meanwhile, traders will be keen to see the latest weekly data on US rig counts from Baker Hughes due later today after they were seen falling to their lowest level since August 2011 in the previous week.

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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.