Posted on 22nd September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Actual Forecast Previous
04:45   CNY HSBC Manufacturing PMI   50.0 50.2  
09:45   EUR French GDP (QoQ)   0.0% 0.0%  
10:30   EUR German Manufacturing PMI   51.2 51.4  
10:30   EUR German Services PMI   54.6 54.9  
11:00   EUR Manufacturing PMI   50.5 50.7  
11:00   EUR Services PMI   53.0 53.1  
11:30   GBP BBA Mortgage Approvals   42.9K 42.8K  
15:30   CAD Retail Sales (MoM)   1.0% 1.1%

Draghi Downer For The EUR But Lets It Hold Its Head Up

September 23, 2014

Barry Norman

The EUR gave up earlier gains on Monday to trade at 1.2830 after ECB President Draghi’s speech. At his address before the EU Parliament, ECB’s Draghi said it was too early to assess the impact of the TLTRO’s on the broader economy and added the take-up was within the range expected by the ECB. While Draghi said the ECB stands ready to use additional unconventional measures, structural reforms are crucial to complement ECB policy. Draghi, who in the past could talk up the EUR without any action has burned out. Traders want to see real action from the ECB. The stimulus program launched just a few months ago, is believed by many to have been too little too late and need real stimulus similar to the Quantative Easing adopted several years ago in the US.

ECB’s Praet said that market perception about the ECB willingness to talk down the euro was incorrect. The quotes were largely ignored.   No big change or big stories to activate trading in the major USD cross rates during the US trading session. US equities opened also in the red, but the losses are moderate and hadn’t a big impact on interest rates or on the dollar. The testimony of ECB’s Draghi before the EU Parliament was no game‐changer.

The head of Germany’s Bundesbank has criticized the European Central Bank’s recent cut in borrowing costs and its pledge to buy repackaged debt, saying they took pressure off governments to implement needed reforms.  Jens Weidmann told Der Spiegel magazine that the moves went beyond previous attempts to encourage banks to lend more, and could free banks of risk at the cost of the taxpayer.

“In my view the recent decisions by the ECB Council (are) a fundamental change of course and a drastic change for the ECB’s monetary policy,” he said in an interview published over the weekend. “No matter how you think about the content of the decisions, the majority of the ECB Council members are signaling with it that monetary policy is ready to go very far and to enter new territory,” he stated.

The comments come at a difficult time for the ECB, just days after an offer of cheap credit to banks fell flat, calling into question a central plank in its plans to shore up the euro zone’s flagging economy.

While economic recovery is in full swing in the US and the Federal Reserve there has started to withdraw support, the ECB has stepped up efforts to unblock lending to firms and boost growth, for example by buying repackaged loans.

eurusd stockpair

 

 

Posted on 20th September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event  
  NZD Consumer Sentiment
  USD Existing Home Sales
  USD Existing Home Sales (MoM)

No More Drama Please

September 22, 2014

Barry Norman

gold oil forexwordsTraders are hoping for a week with little drama and stress. It seems that the world has survived, Israel and Palestine seem to be upholding the ceasefire, and Ukraine and Russia have reestablished diplomatic relationships. Libya seems to be less violent. Syria, Iraq and Iran along with the rest of the Arab nations seem to have one single enemy and that enemy, ISIS is bringing together a strange coalition. Common enemies have a way of doing that. Last week the Scottish Independence issue was resolved for the next generation, the Federal Reserve looks to be heading off interest rate increases until 2015 and Alibaba set a world record as the largest IPO in history. Jack Ma is now one of the richest men in the world as Softbank and Yahoo see their bank accounts swell. Maybe just maybe markets can once again focus on economic data. The OECD downgraded 2014 growth of the G7 nations while China is pushing huge stimulus programs trying to meet their goal as we enter the last quarter of 2014.  Focus will be commodities, with gold falling as low as 1215 and predicted to tumble to 1180 in the near term as traders move to higher yielding assets. Wall Street continued to break records last week. Why keep your money in gold when the stock market just about guarantees profits?

Oil continues to turn lower, crude oil is trading around the $92 price level which ain’t so bad, but Brent oil has traded as low as $91 and is question-markholding below $99 as we move into the new week. OPEC members have been openly discussing cutting back oil production as the world swims in the black liquid.  Demand concerns lingered in the market after official data showed Wednesday that crude stockpiles in the United States, the world’s largest consumer of black gold, surged by 3.7 million barrels last week, instead of the 1.2-million barrel decline expected.

eurozone recessionTraders are likely to take a breather on early in the week to catch up after last week’s activity. Overall the world seems to be a happier safer place with signs that the global economy is on the mend. If only the eurozone would catch up. Traders will continue to keep an eye on the ECB and the Bank of Japan.

Posted on 20th September 2014 by barry norman in Stockpair weekly Insights

Stockpair traders should keep an eye on these events this week:

Event
Monday, September 22
  USD  Existing Home Sales
Tuesday, September 23
  CNY HSBC Manufacturing PMI  
  EUR German Manufacturing PMI  
  CAD Core Retail Sales (MoM)  
Wednesday, September 24
  EUR German Ifo Business Climate  
  USD New Home Sales  
Thursday, September 25
 USD  Core Durable Goods Orders
Friday, September 26
  USD  GDP (QoQ)

 

Global Exchanges

Wall Street delivered a weak follow-up to Thursday’s resumed uptrend as signs of institutional selling reappeared. The NASDAQ fell 0.3% while the S&P 500 slipped less than 0.1%. Small caps took the day’s hardest hit. The S&P 600 skidded 1.1%. The IBD 50 fell 0.4%. Volume rose across the board, partly because of quadruple witching expirations and the IPO of Alibaba (BABA). Alibaba gained $25.89 to end at $93.89. Alibaba lined up its initial public offering of stock at $68 a share the day before, raising $21.8 billion from investors. That vaulted Alibaba to the top tier of technology companies in terms of market value. By the end of the day, the S&P 500 index fell less than a point to 2,010.40. It finished with its best weekly gain in a month. In other trading Friday, the Dow Jones industrial average edged up 13.75 points, or 0.1 percent, to close at 17,279.74.

Investors will be eyeing key economic data out of Japan and China next week with a slumping yen pushing the Nikkei 225 index to its highest level in nearly seven years on Friday. Japanese inflation is on tap next week, after a slew of weak data dented hopes for a quick recovery in the world’s number three economy, while China is set to release closely watched manufacturing figures.

The market in London jumped out of the blocks early as investors welcomed news that Scotland voted to reject independence from the United Kingdom, but European stocks overall ended mixed. London’s benchmark FTSE 100 index, after impressive morning gains on Friday, closed up 0.27 per cent to 6,837.92 points. In Paris, the CAC 40 slipped 0.08 per cent to 4,461.22 points, while Frankfurt’s DAX index ended virtually unchanged, edging up 0.01 per cent to 9,799.26 points.

Currency Markets

The US dollar hit a 14-month high against the euro, as “the coast was clearer for markets to focus on US optimism and expectations for Fed rate hikes in 2015″ following the Scottish vote. The dollar has rallied against the euro, the yen and others on expectations that the US Federal Reserve is closer to tightening policy than other central banks.

The euro closed the week at a 14-month low of 1.283 dollars. Despite Chairwoman Janet Yellen’s dovish assurances following the Fed’s announcement on Wednesday that it would keep its interest-rate guidance intact, investors continued to bet on a likely rise in U.S. interest rates in the near future, after positive recently-released macroeconomic figures. The dollar hit a six-year record of 109.45 yen before closing at 109.04 yen

Commodity Markets

US crude fell for a third day on rising U.S. inventories as a stronger dollar weighed on commodity prices. Brent futures rose on supply risks. Stockpiles increased last week for the first time since Aug. 8, according to the Energy Information Administration. The dollar gained as the Federal Reserve moves closer to raising interest rates. Brent widened its premium to WTI on signs of lower OPEC output. Gasoline futures jumped on surging Gulf Coast spot prices. WTI for October delivery dropped 66 cents, or 0.7%, to end at $92.41.

Gold prices were down this week with the precious metal off by 1.13% to trade at $1215. The decline marks the third consecutive weekly loss for bullion with persistent strength in the greenback keeping pressure on commodities based in US dollars

Posted on 18th September 2014 by barry norman in Stockpair Daily Insight

 

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Forecast Previous
  EUR German PPI (MoM)   -0.1% -0.1%  
  CAD Core CPI (MoM)   0.2% -0.1%  
  CAD Core CPI (YoY)   2.0% 1.7%  
  CAD CPI (MoM)   -0.1% -0.2%  
  CAD Wholesale Sales (MoM)   1.0% 0.6%

Countdown To Alibaba – How This Happens

September 19, 2014

Barry Norman

Alibaba To Kick Off IPO In U.S.

Depending on how things go on Friday, when Alibaba starts trading on the New York Stock Exchange, there could be tens of thousands of winners from what’s expected to be a record initial alibaba chartpublic offering. On Friday, September 19 at 9:30 a.m. ET, the NYSE stock exchange will begin the process to determine the opening price for trading Alibaba’s IPO, which is expected to raise at least $21 billion. The New York Stock Exchange delays the opening of shares of initial public offerings. How big a delay that will be depends on a number of factors, including the underwriter leading the offering, which in this case is Goldman Sachs, and how hot the deal is, which in this case is very. Generally, IPOs open on the NYSE within 15 minutes of the opening bell.  Here’s how it will go down: On Thursday night, Alibaba’s lead Wall Street bankers—which, along with Goldman, include JPMorgan Chase, Morgan Stanley , Citigroup , Credit Suisse, and Deutsche Bank—will get together and set, based on the orders they have received, an offering price for Alibaba’s IPO. The price for the offering could be set as early as 4:01 p.m. on Thursday, after the market closes for the day. But the process is likely to take a few hours, and it might not happen until later in the evening. After that, investors lucky to get stock in the IPO will find out how many shares they received. On Friday morning, the exchange will start the process of what some people call the “IPO cross,” which NYSE officially calls the “price discovery process.” During that time, brokers can submit buy or sell orders. Those orders will be put into the system but won’t actually be completed until Alibaba starts trading.

At some point after 9:30 a.m. on Friday, the NYSE will call out on the floor, and indicate on its systems, that it is “freezing the book,” meaning it will temporarily stop taking new orders. That’s the indication that Alibaba will soon start trading. Once it does, the buying and selling will resume.

alibaba capitalization

Posted on 18th September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Forecast Previous
  NZD GDP (QoQ)   0.6% 1.0%
  JPY Trade Balance   -1,029B -964B
  JPY BoJ Governor Kuroda  
  GBP Retail Sales (MoM)   0.4% 0.1%
  GBP CBI Industrial Trends Orders   9 11
  USD Building Permits (MoM)   -0.4% 8.6%
  USD Housing Starts   1.040M 1.093M
  USD Initial Jobless Claims   305K 315K
  USD Fed Chair Yellen Speaks  
  USD Philadelphia Fed   23.0 28.0

 

Scottish Vote Looms

September 18, 2014

Barry Norman

Just one day ahead of the Scottish referendum, three new opinion polls showed a slim lead for the “no” vote. Excluding undecided voters, 52% of the questioned said they would vote “no”, while 48% were in favor of independence.  Gordon Brown has delivered a passionate defense of the United Kingdom, urging Scots who oppose independence to “stand up and be counted” at the polls tomorrow. Speaking at the final No campaign rally in Glasgow on Wednesday afternoon, the former prime minister said patriotism did not belong to Alex Salmond and the separatists.

“This is our Scotland. Scotland does not belong to the SNP. Scotland does not belong to the Yes campaign,” he said. “This is not their flag, their country, their culture, their streets.”

In a rallying cry that electrified the crowd and has been widely seen as one of the best speeches of his life, Brown appealed to both the hearts and the heads of Scottish voters. “There is not a cemetery in Europe that does not have Scots, English, Welsh and Irish lined side by side,” he said. “We not only won these wars together, we built the peace together. What we have built together by sacrificing and sharing, let no narrow nationalism split asunder ever.”

Scotland Tax Revenue

Brown also warned that independence risked taking Scotland down an “economic trapdoor” from which “we might never escape”. And he told No voters to “have confidence” in the face of a vocal and active Yes campaign. “Stand up and be counted tomorrow, have confidence tomorrow,” he said.

If the outcome is “yes,” the Scottish government will start an 18-month process to final independence, scheduled to take effect in March 2016. This will allow time to legally transfer power to the Scottish Parliament and reach agreement with the rest of Britain, the European Union and other international partners. An independent Scotland would then hold its first parliamentary election on May 5, 2016.

Scotland and Britain have run a deficit for the last five years, but Scotland’s has been smaller. Tax revenue has been higher in Scotland over the same period of time. In 2011-12, the most recent year available, tax receipts per person were £10,700, while in Britain they were £9,000.

An independent Scotland would gain control of the oil and gas revenues within its boundaries. These revenues, which now go to the British Treasury, have made up 12 percent to 21 percent of Scotland’s total public sector revenue in the last 10 years. The British government argues that revenue from North Sea oil and gas has fallen in recent years due to declining production.

Scotland has three options: continue using the British pound sterling, establish its own currency or join the euro. The Fiscal Commission set up by the Scottish government proposed that retaining the pound would be the best option because of the close economic ties with Britain. However, Britain would have to agree.

GBPUSD(60 minutes)20140917131918

 

Posted on 16th September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Forecast Previous
  NZD Current Account (QoQ)   -0.95B 1.41B  
  GBP Claimant Count Change   -30.0K -33.6K  
  GBP Unemployment Rate   6.3% 6.4%  
  EUR CPI (MoM)   0.1% -0.7%  
  USD Core CPI (MoM)   0.2% 0.1%  
  USD CPI (MoM)   0.1% 0.1%  
  USD Current Account   -114.0B -111.2B  
  USD Fed Funds Target Rate   0.25% 0.25%  
  USD FOMC Statement        
  USD Fed Chair Yellen Speaks

 

Countdown To The FOMC

September 17, 2014

Barry Norman

It is countdown time to the major events of the week. In the next 48 hours the markets could go crazy. The FOMC meeting began on Tuesday and traders are now sitting on the edge of their seats waiting for Janet Yellen’s speech towards the end of the day on Wednesday. The growth downgrade by the OECD might give Ms. Yellen an excuse to remain dovish. European shares suffered further losses today in the absence of economic data or other news items ahead of tomorrow’s FOMC meeting. US Equities opened slightly higher.

us dollar

Ahead of the independence vote on Thursday, Britain promised to guarantee Scotland high levels of state funding and granted them greater control over healthcare spending in a last effort to shore up support for a “No” vote. Today, the UK price /inflation data were published. Of late, the potential impact of the UK eco data on the (currency) market was mostly overshadowed by the uncertainty on the outcome of the Scottish referendum. Even so, inflation remains an important input for the BoE policy assessment. The reference of the consensus stood a 1.5% Y/Y and 0.4% M/M. However, markets apparently considered the risk of a below consensus figure as sterling lost ground against the euro and the dollar in the run‐up to the publication. The downside surprise didn’t occur and inflation was reported as expected.

The WSJ printed its second blog post in a row suggesting that there is a strong case for Fed patience on rates however we suspect that the Fed will instead take the opportunity to remove ‘considerable time’ given it has the press conference and forecasts to communicate clearly. Into the NA open, the USD is mixed with most currencies moving on domestic issues awaiting the Fed decision due in a couple of hours. The US dollar gave up a few points on Tuesday to trade at 84.13 while the euro gained a bit of momentum to trade at 1.2969. Gold turned upward and climbed mid-day but gave back most of its gains to end flat at 1238.00eurusd stockpair

 

Posted on 15th September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Forecast Previous
  AUD Monetary Policy Meeting  
  JPY BoJ Governor Kuroda  
  GBP CPI (MoM)   0.4% -0.3%
  GBP PPI Input (MoM)   -0.4% -1.6%
  CAD Manufacturing Sales (MoM)   1.0% 0.6%
  USD PPI (MoM)   0.1% 0.1%
  CAD BoC Gov. Poloz Speaks  

 

Global Growth Vanishes Says OECD

September 16, 2014

Barry Norman

This is gonna be one of those exhausting weeks that traders just get burned out. It started out with lackluster Chinese data over the weekend which sent the Aussie and the kiwi looking at 2014 lows. Traders remain focuses on the upcoming FOMC along with the Alibaba IPO and the Scottish vote. President Obama is forming a global military action with the Arab nations now agreeing to join air strikes. What a strange coalition we have forming… Like this isn’t enough. Today the OECD was heard from sending oil prices tumbling along with the euro. The OECD slashed its growth forecasts for major developed economies on Monday, urging much more aggressive ECB stimulus to ward off the risk of deflation in a subdued euro zone. The call adds to growing pressure on the euro zone, and the European Central Bank in particular, to boost growth ahead of a meeting of finance ministers and central bankers from the Group of 20 economic powers later this week in Australia.

GDP

Updating its growth forecasts for major developed economies, the Organisation for Economic Cooperation and Development projected growth in the euro zone at only 0.8 percent this year and rising only slightly next year to 1.1 percent.

The United States will post 2014 growth in gross domestic product of just 2.1 percent, the organization said in an update to its annual forecasts, worse than the 2.6 percent it had previously expected. This just took the wind out of the upcoming FOMC decision; most likely Janet Yellen will remain dovish keeping interest rate increases into the far off future.

us dollar

 

The O.E.C.D. joins a growing chorus of economists in calling on the E.C.B. to undertake quantitative easing. In July, the International Monetary Fund called for such measures, “particularly if external risks materialize and the inflation outlook worsens.” There is substantial opposition to quantitative easing in Germany, so Mr. Draghi, unlike central bankers elsewhere, faces a political challenge to the policy.

EUrozone GDP

 

Posted on 13th September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Forecast Previous
  Holiday Japan – Respect for the Aged Day
  USD NY Empire State Index   16.00 14.69  
  USD Industrial Production (MoM)   0.3% 0.4%

 

The Federal Reserve Dominates Markets

September 15, 2014

Barry Norman

gold dollar signThe U.S. dollar ended higher for a ninth straight week against the euro on Friday and hit six-year highs against the yen, helped by speculation the Federal Reserve may strike a more hawkish tone when it meets next week. Anticipation is building that the FOMC will make material changes to the way it talks about its policy exit. On Tuesday, CNBC’s Fed watcher Liesman said there was a good chance the Fed could alter or drop its “considerable time” language next week, as both hawks and doves have been increasingly critical of “date-based forward guidance” versus an economy-driven policy. The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to 84.6 in September from 82.5 the month before. The median estimate in a Bloomberg survey of economists projected an increase to 83.3.

The Fed is assessing the strength of the economy as it winds down a bond-buying program and considers raising rates. The central bank, which meets Sept. 16-17, has said that its benchmark rate will stay low for a “considerable time” after it completes the monthly bond purchases.

Researchers from the San Francisco Fed wrote in a Sept. 8 paper that surveys and model estimates show “the public seems to expect a more accommodative policy” than Fed officials do. Investors may be less uncertain about their projections than Fed policy makers are about theirs, the researchers wrote.

The Fed has held the benchmark interest-rate target in a range of zero to 0.25 percent since 2008 to support the economy.

us dollar stockpair

Posted on 13th September 2014 by barry norman in Stockpair weekly Insights

Stockpair traders should keep an eye on these events this week:

 
Event Actual Forecast Previous
Monday, September 15
  Holiday Japan – Respect for the Aged Day
Tuesday, September 16
    GBP CPI (YoY)   1.5% 1.6%  
    EUR German ZEW Economic   4.8 8.6  
    USD PPI (MoM)   0.1% 0.1%  
Wednesday, September 17
    NZD GDP (QoQ)     1.0%  
    GBP Claimant Count Change   -30.0K -33.6K  
    EUR CPI (YoY)   0.3% 0.3%  
    USD Federal Reserve Decision    
Thursday, September 18
    NZD GDP (QoQ)   0.6% 1.0%  
    GBP Retail Sales (MoM)   0.4% 0.1%  
    USD Building Permits   1.045M 1.057M  
    USD Philadelphia Fed Manufacturing   23.0 28.0

 

Global Exchanges

The Standard & Poor’s 500 Index dropped for the week, ending the longest streak of advances this year, as speculation grew that the economy is recovering enough to justify higher interest rates sooner than anticipated. The S&P 500 slid 1.1 percent to 1,985.54 for the five days, after rallying for five straight weeks to a record. The Dow Jones retreated 149.85 points, or 0.9 percent, to 16,987.51. The Stoxx Europe 600 slid 1 percent and emerging markets lost the most in more than a year as geopolitical tensions weighed on equity markets. European stocks were unchanged, after swinging between gains and losses, as a jump in U.S. retail sales and consumer confidence boosted optimism about the world’s largest economy while raising concern interest rates may go up soon.

global markets stockpair

Currency Markets

The pound tumbled for a second week as polls showing a swing in favor of Scottish independence from the U.K. damped demand for the British currency. The pound tumbled 0.5 percent in the week to $1.6244. The Fed’s policy-setting Federal Open Market Committee, which meets Sept. 16-17, is considering the timing of rate increases and whether to revamp its public guidance on the path of rates.  The dollar and the euro were the biggest gainers of the week in a basket of 10 developed-nation currencies

global currency stockpair

Commodity Markets

Gold futures dropped to an eight-month low on waning demand for the metal as a hedge against inflation. Gold futures for December delivery fell 0.6 percent to close at $1,231.50 an ounce. WTI dropped 56 cents, or 0.6 percent, to settle at $92.27 a barrel on the New York Mercantile Exchange.  Both grades capped weekly declines after the International Energy Agency cut its global oil demand forecast for 2015 yesterday. The IEA also said Saudi Arabia exported the least in almost three years as purchases slowed from China and Europe.

 

Posted on 11th September 2014 by barry norman in Stockpair Daily Insight

stockpair-dailytips (2)

Stockpair traders should keep an eye on these events today:

Event Forecast Previous
  CNY New Loans   700B 385B  
  JPY Industrial Production (MoM)   0.2% 0.2%  
  JPY BoJ Kuroda Speaks        
  EUR Industrial Production (MoM)   0.5% -0.3%  
  EUR Italian CPI (MoM)   0.2% 0.2%  
  USD Core Retail Sales (MoM)   0.3% 0.1%  
  USD Retail Sales (MoM)   0.6% 0.0%  
  USD Consumer Sentiment   83.3 82.5  
  USD Business Inventories (MoM)   0.4% 0.4%

 

Oil – Oil – Everywhere Oil

September, 2014

Barry Norman

The Brent oil price extended its steep downtrend today, falling for a sixth straight session, to $96.94/barrel due to concerns about poor demand after the International Energy Agency trimmed its forecasts for oil demand due to economic weakness in Europe and China. Amid plentiful oil supply and weakening global economic and oil demand growth, oil prices have been easing, with front-month Brent futures slipping below $100/bbl in September for the first time in more than a year, according to the most recent Oil Market Report from the International Energy Agency.

“Rising Libyan exports, an overhang of West African barrels—resulting from slower US imports—and sluggish demand from refiners in Europe and Asia took their toll on spot crude prices, deflating global benchmarks,” IEA said.

West Texas Intermediate showed the biggest month‐on‐month loss due in part to unplanned refinery outages that forced a temporary slowdown in run rates while US output surged.

oil thurs

Earlier this summer, the price of Brent crude, the key oil benchmark, rose to an eight-month high of $115. It has now slumped by 14% in three months. Output in the trouble spots has been untroubled of late. In Libya it has recovered from turmoil earlier this year; Russia’s oil seems unlikely to be affected by sanctions; and Iraqi jihadists have been confined to the north of the country. US stockpiles recently hit a record. Meanwhile, global demand growth is lackluster, with Europe stuttering and China slowing.

EA reduced its forecast for 2014 oil demand growth for the third consecutive month, saying it now expects global oil demand will grow by 900,000 b/d this year. The IEA Oil Market Report (OMR) for September trimmed global oil demand growth for 2015 to 1.2 million b/d. The agency cited a pronounced slowdown in global oil demand growth this year, which it attributed largely to Europe and China. EIA’s 2015 global oil demand forecast is now set at 93.8 million b/d, the OMR said.

oil stockpair chart