OIL: Venezuela Oil Exports Rose 27% in August
Sep-04 08:05
Venezuela's oil exports rose 27% to an average of 966,485 b/d in August and the highest since November following a US license granted to Chevron, according to Reuters based on tanker movements.
- In August, Chevron loaded the first Venezuelan crude cargo since obtaining a US license at the end of July as crude volumes began flowing towards the US after a four-month pause.
- Higher oil inventories and exports were boosted by stable output and no outages at crude upgraders and blending facilities in the Orinoco Belt, according to an internal PDVSA document.
- Exports to China, both direct and indirect after ship-to-ship transfers, accounted for 85% of exports compared to almost 95% in July.
- The US received 60kb/d of Venezuelan oil and Cuba received about 29kb/d of crude and fuel.
- Venezuela exports of oil byproducts and petrochemicals rose to 275k tons from 227k tons the previous month.
- Imports of diluent, light oil and naphtha, rose to 99kb/d compared to 58kb/d in July.
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MNI: EUROZONE JULY FINAL SERVICES PMI 51.0 (51.2 FLASH, 50.5 JUNE)
Aug-05 08:00
- MNI: EUROZONE JULY FINAL SERVICES PMI 51.0 (51.2 FLASH, 50.5 JUNE)
MNI: GERMANY JULY FINAL SERVICES PMI 50.6 (50.1 FLASH, 49.7 JUNE)
Aug-05 07:55
- MNI: GERMANY JULY FINAL SERVICES PMI 50.6 (50.1 FLASH, 49.7 JUNE)
ITALY DATA: Composite PMI Has Been Above 50 Since February
Aug-05 07:52
The details of the Italian services PMI read quite similarly to the Spanish print earlier this morning, even if slightly weaker-than-expected at 52.3 (vs 52.6 cons, 52.1 prior). The composite PMI was in line with consensus at 51.5 (vs 51.1 prior), and has now been in expansionary territory since February. Note however that Q2 flash GDP was -0.1% Q/Q in Q2, with the services industry making zero contribution to sequential GVA growth.
Key notes from the release:
- “Panellists noted that increased volumes of new work, in part linked to new clients and the commencement of projects, had contributed to activity growth”
- “Services demand stability remained centred on the domestic market, as new export business declined in July. Panellists reported fragility in demand conditions internationally”.
- “Service providers in Italy responded to an overall positive inflow of new business by adding to their payroll numbers at the start of the third quarter”.
- “While the latest data signalled that services companies in Italy paid more for their inputs, the rate of inflation was noticeably softer than earlier in the year”
- “Reflecting firms' attempts to pass-through increased costs to clients, prices charged also rose in July”
- “With the service sector retaining its growth path, firms remained confident that activity levels would rise over the coming year”
