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Going, going, almost gone

Published Tuesday, June 16th, 2015

No more servitude, humiliation, pillaging, looting or rape is the message from Greece. In which case no more money comes the reply from the country’s creditors. Mario Draghi believes that the immediate fallout from Greek default can be handled but “the consequences in the medium to long-term to the union is not something we are in a position to foresee”.

The European Union is under severe pressure from all sides. It also has a migrant crisis of huge proportions and the response shows that it is a union in name only. Italy is overwhelmed with migrants and it’s threatening to offer permits to allow them to travel freely in the 26 Schengen countries because other members will not take their fair share. Europe’s southern sea borders are under attack and the situation is urgent, provocative and unstable. Relations between member countries are at an all-time low.

All the world’s stock markets closed down yesterday except for India and Russia. The euro came under pressure, the Greek stock market lost 5%, volatility indices moved higher along with peripheral yields. Crude prices closed lower for the third consecutive day with Brent losing 69cts/bbl (63.95) and WTI 44cts/bbl (59.52). Tropical storm Bill approaching the US Gulf Coast is providing some support for US prices.

to read the rest of the report, please click here

Posted by David Hufton