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Overnight headlines 21/03/2012

Published Wednesday, March 21st, 2012

Good morning, 7.00 am London time


May Brent: 124.43(+0.31)

May WTI: 106.66(+0.59)

Apr Gasoil: 1033.75(+1.75)

£/$: 1.58771

Euro/$ 1.32624

World News:  

-The UK Consumer Prices Index inflation fell to 3.4% in February, down from 3.6% in January.

-President Obama is to visit the demilitarised zone on South Korea’s border with the North before a nuclear summit in the country.

-The World Bank approved a $1 billion loan to Pakistan to boost electricity supply and improve farm irrigation methods.

-2 large suburbs of Damascus came under heavy tank bombardment following renewed Free Syria attacks.

-Glencore is to buy Canada’s largest handler of grain, Viterra for $6.2 billion.


Oil News:


-Crude stocks down 1.4 mln bbls

-Gasoline stocks down 1.5 mln bbls

-Distillate stocks up 596k bbls

-Crude stocks at Cushing down 194k bbls

-Crude runs down 90k bpd

-China’s February crude oil imports from Iran fell 40% from a year earlier to 288,576 bpd.

-China imports a record 1.39 million bpd of crude oil from Saudi Arabia in February, 38.6% higher than a year earlier.

-Japans government wants buyers of Iranian crude to cut imports by 10-20% a year from the previous year.

-China’s commercial crude oil stocks at the end of February fell 3.77% from a month earlier.

-Saudi Arabia can increase crude production by as much as 25% immediately if needed, seeking to allay the concern over supplies that has driven prices to the highest in three years.

-The US government will not impose sanctions on Japan and 10 EU nations that have reduced their oil imports from Iran, the sanctions aim to punish countries that continue to buy oil from Iran.

-Valero report flaring and sulphur dioxide emissions at its 180,000 bpd Memphis refinery, Tennessee.


Spreads:  k/m 45/46, m/n 48/49, n/q 53/54, m/z 367/368, z12/z13 793/795.

Wti Spreads:  k/m -53/-52, m/n -33/-32, n/q -17/-16, m/z -119/-115, z12/z13 391/396.

Arbs:  may -17.80/-17.77, jun -16.83/-16.77, jul -15.89/-15.81.

Crack Spreads: may 14.27/14.37, jun 14.64/14.78, jul 15.13/15.28,  dec 17.33/17.51.

Gas Oil Spreads: j/k -0.25/0, k/m 0.25/0.50, m/n -0.25/0, m12/z12 6.00/7.00, z12/z13 47.50/51.75.

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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