Home > July 2017 > July 24, 2017 OPEC meets in Russia and FLASH PMI’s miss estimates

July 24, 2017 OPEC meets in Russia and FLASH PMI’s miss estimates

July 24th, 2017

In the first hour of the Europe Session we are down about .10% in the futures as the Oil Ministers meet in Russia. Oil is down .60% over OPEC members out of Africa claiming they can’t cut production. OPEC talk indicates that Oil Production Cuts are not on the table. OPEC is thinking that Oil Inventories will rebalance.  German FLASH PMI missed showing a 6 month weakness (hello, China Slowing down thesis). Shanghai Futures have commodities about flat. EU, German FLASH Data missed the estimates but France beat them which means very little. Euro is finally taking ab breather from the huge sll off in the eur/usd. Earning today include HAL which may sell off even if it beats do the continued drop in Oil.

July 2017

  • Trading_Nymph

    Comments on Europe FLASH PMI data…Williamson, Chief Business Economist at IHS
    Markit said:
    “The July fall in the PMI indicates that the
    eurozone’s recent growth spurt lost momentum for
    a second successive month, but still remained
    impressive.
    “The survey data are historically consistent with
    GDP rising at a quarterly rate of 0.6%, cooling
    slightly from a pace of over 0.7% signalled for the
    second quarter.
    “The slowing pace of economic growth signalled by
    the surveys and the accompanying easing of price
    pressures adds to the belief that ECB policymakers
    will be in no rush to taper policy, and will leave all
    options open until the central bank sees a clearer
    picture of the sustainability of the upturn.
    “It’s too early to know for sure whether the economy
    has merely hit a speed bump or whether the upturn
    is already starting to fade. The evidence so far
    points to the former, with the economy hitting
    bottlenecks due to the speed of the recent upturn.
    “Forward-looking indicators such as new order
    inflows remain elevated, suggesting robust growth
    will be sustained in coming months. Job creation is
    consequently booming as companies seek to
    expand capacity in line with growing demand.
    “However, even wit

  • panther341

    Last week they were talking like this meeting in St. Petersburg of OPEC could be a bigger deal than just a compliance meeting. And so it was. Saudis will cut more exports (not total production, just exports) and Nigeria has agreed to certain limits – if they can ramp up that far. There is also talk about extending limits beyond the end of the year. http://www.marketwatch.com/story/oil-prices-steady-with-all-eyes-on-opec-meeting-2017-07-24

    All this comes after Ecuador announced last week they will no longer comply with the production limits. And there is also US production at highest levels in 2 years.