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OVERNIGHT HEADLINES

Published Tuesday, March 20th, 2012

Good morning, 7.00 am London time

 

May Brent: 124.84(-0.87)

May WTI: 107.91(-0.65)

Apr Gasoil: 1038.25(-5.25)

£/$: 1.58813

Euro/$ 1.32412

World News:  

-The United Arab Emirates economy is expected to grow almost 4% this year.

-UN nuclear inspectors have been invited to North Korea for the first time in three years with the aim to implement a deal with the US.

-At least 23 people are reported killed in a series of explosions in 2 cities in Iraq.

-A manhunt is under way after 4 people were shot dead in the city of Toulouse in France, coming days after 2 deadly shootings in the same area.

-Australia has pushed through into law a 30% tax on iron ore and coal mining companies, hoping to raise more than $11.2 billion over 3 years from major companies including BHP Billiton.

 

Oil News:

-Libya expects oil exports to exceed pre-war deliveries in April, climbing to almost 1.4 million bpd.

-Chinese patrols have uncovered more than 30 illegal platforms used for oil and gas exploration off the coast of China.

-US drivers paid 3.8 cents more for a gallon of gasoline this past week, prices hit $3.8 a gallon up 27 cents in the past month.

-ConocoPhillips reports shutdown of a gasoline making fluid catalytic cracking unit to repair a leak at its 146,000 bpd Borger, Texas refinery.

-Socgen has raised its price forecast for Brent and WTI for 2012 and 2013 citing supply issues, tight crude stocks, low OPEC spare capacity and string non-OPEC supply disruptions.

-Idled refineries may lead to local gasoline shortages and even higher fuel prices in the U.S. Northeast as Suncor announces to shut its Philadelphia refinery.

-China has raised the price of petrol by 6% and diesel 7% for the second time in 2012, as it struggles with the rising cost of crude oil.

 

Spreads:  k/m 40/42, m/n 46/47, n/q 53/54, m/z 360/364, z12/z13 802/810.

Wti Spreads:  k/m -44/-43, m/n -40/-39, n/q -27/-26, m/z -88/-85, z12/z13 448/458.

Arbs:  may -16.97/-16.93, jun -16.16/-16.06, jul -15.30/-15.20.

Crack Spreads: may 14.24/14.33, jun 14.42/14.59, jul 14.80/14.99,  dec 17.10/17.26.

Gas Oil Spreads: h/j 1.25/1.50, j/k 1.25/1.50, k/m 0.25/0.75, m12/z12 7.25/7.75, z12/z13 46.75/51.75.

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.


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