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PVM Midday Report 26 August 2015

Published Wednesday, August 26th, 2015

  • Nigeria 2Q oil production was 160,000 bpd below that of 2Q 2014 – NBS
  • September Urals exports from Novorossiysk is expected to fall 4%
  • Kurdish forces launch fresh attacks on IS insurgents around Kirkuk
  • Chinese central bank has injected $21.8 billion into interbank money market

Economy

Stock market bulls only made a cameo appearance yesterday after the Chinese rate cut was announced and quickly retreated to safety. The view that the cut is less than a convincing effort to support China’s economy has been evident in this morning’s performance in which the Shanghai Composite Index lost another 1.3%. For this morning, it is not surprising to have seen emerging market assets weaken again with the MSCI’s emerging market index falling 0.4% and the Russian stock market down around 1% this morning. European shares are following suit with the FTSEurofirst index down 1.54%.

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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.