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PVM Midday Report 23 November 2015

Published Monday, November 23rd, 2015

  • Jan/Feb WTI spread is 14 cents/bbl below Friday’s close.
  • WTI money managers have cut their net exposure by more than 20,000 lots last week.
  • Eurozone business growth is at a 4-year high.
  • European stock markets are losing value this morning.

Economy

The good news is that Eurozone business activity picked up in November and grew at its fastest pace since the middle of 2011. The reason is the weak euro which helped new orders increase. The weakness in the common currency, however, is putting downside pressure on European stock exchanges where the FTSEurofirst-300 index is down 0.5%. Undoubtedly, the Brussels lockdown is also contributing to the gloomy mood. Downside, however, could be limited because further stimulus can be expected at the ECB’s next meeting on December 3 as hinted by Mario Draghi last week.

to read the rest of the report, please click here

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.