Saudi output up a bit. As they post prices and let their refiners buy all they want at those prices, this shows demand is up a bit, likely because of a supply disruption elsewhere, like Libya, for example:
As suggested all along:
In an interview with Realnews newspaper published on Saturday, Economy Minister George Stathakis said Athens had no alternative plan.
“The idea of a Plan B doesn’t exist. Our country needs to stay in the eurozone but on a better organized aid program,” he said.
Stathakis was confident a deal will be reached. “Otherwise, mainly Greece but the European Union as well will step into unchartered waters and no-one wants that.
Note the improvement in exports, with the current account surplus already strong. This is the opposite of the US, and caused by the liquidation of euro reserves by foreign central banks, whose selling drove the euro down to the point the current account surplus expanded to absorb it. As the selling subsides the CA surplus will continue until the euro goes high enough to eliminate it:
European Union : PMI Manufacturing Index
The final manufacturing PMI for May showed a minimal 0.1 point downward revision to its flash estimate to 52.2. This matched the 10-month high registered in March and was 0.2 points firmer than the final April print.
Manufacturing production expanded again, albeit at a slightly slower rate than last time, and both overall new orders and new export business improved suggesting that growth should be sustained over coming months. Increased demand was reflected in a rise in backlogs and also contributed to a ninth consecutive gain in the sector’s headcount.