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PVM Midday Report 24 August 2015

Published Monday, August 24th, 2015

  • Libya’s oil production is said to be around 350-400,000 bpd, according to official
  • PBF Delaware City refinery gasoline unit is expected to be shut for at least a month
  • German bond yields fall as stock markets nose-dive
  • Eurozone inflation expectations are down at 6-month low

Economy

In the stock markets the weekly mood was set by China once again as the country’s Shanghai Composite index dropped more than 8% this morning. There has been no cut in bank reserve requirements and the country’s stock market gave up all this year’s gains in the continued sell-off. When China is bearish there is only one way for European stock indices to go. The bitter mood was not helped by Eurozone inflation expectations that hit a six month low. The FTSE Eurofirst 300 index is down more than 3% at the time of writing whilst the German stock market is down 2.8% at the time of writing and the Greek stock index has shed almost 5% of its value this morning. The general sell-off shows growing scepticism about global and regional economic growth.

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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.