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PVM Midday Report 14 September 2015

Published Monday, September 14th, 2015

  • Kuwait and Iran both have cut their October OSP to Asia
  • Iraq is expected to ramp up October Basra exports to an all-time high
  • Morgan Stanley cut 2015 and 2016 Brent price forecast
  • Eurozone July industrial production up 0.6% on the month, better than anticipated

Economy

Disappointing Chinese commodity output in August set a bearish stock market sentiment this morning. The Shanghai Composite Index fell 2.67% as steel and coal output fell in August because of weak demand and shut-downs hit factory output. Europe seems to be slightly better supported. It is down to the fact that Eurozone July industrial production registered a -.6% increase month-on-month against expectation of a rise of 0.3% whilst the growth was 1.9% on the year. This is the reason why the FTSEurofirst 300 index is some 0.25% above Friday’s settlement level.

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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.