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PVM Midday Report 21 May 2015

Published Thursday, May 21st, 2015

  1. Iraq’s Basra Light crude premium reaches highest price in years
  2. China’s April gasoline exports rise to 70.1% on year – customs
  3. Growth in German private sector slows again in May – PMI
  4. IS enters Syria’s Palmyra ruins after city invasion


The day has kicked off with the HSBC China flash PMI showing yet another contraction triggering a 2% rally in the Shanghai Composite Index as the chances of stimulus rose. It then continued with a weaker-than-expected Eurozone business growth data with a remarkable slowdown in the German private sector growth. The quantitative easing programme from the ECB will continue as no improvement is expected in the region’s economic performance. European stock indices are broadly unchanged with the euro strengthening against the dollar that it incidentally one of the reasons behind the strength in the oil market.

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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.