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Overnight Headlines 22/03/2012

Published Thursday, March 22nd, 2012

Good morning, 7.00 am London time

 

May Brent: 123.94(-0.26)

May WTI: 106.72(-0.55)

Apr Gasoil: 1025.50(-1.25)

£/$: 1.58818

Euro/$ 1.32500

 

World News:  

-China logged a surprise trade surplus of $394 million in February after posting a trade deficit in previous month.

-Renegade soldiers appear on Malian state TV to announce they have seized control of the country.

-UK Chancellor George Osborne has said that the UK economy will grow more quickly this year than previously forecast, up to 0.8% from 0.7%.

-The US has warned Syria to cooperate with UN backed peace plan urging President Bashar al-Assad to ‘take this path, commit to it, or face increasing pressure and isolation’.

 

Oil News:

-China’s foreign minister insisted imports of Iranian oil were legal and indirectly blasted US unilateral sanctions aimed at persuading countries to reduce oil purchases from Iran

-Pakistan has not resumed exporting oil products to neighbouring Afghanistan, 2 months after the country’s energy minister said it would do so.

-South Korea imports of Iranian crude dropped 14% in January and February compared to same period a year ago.

-Japan’s refinery rate was 82% for week Mar 11-17, up from 81% a week earlier.

-Japan crude stocks are down 2.6% to 97.13 million bbls for week ending Mar 17, from 100.18 million bbls a week earlier.

-India’s refiners collectively processed 14.18 million mt of crude in February or an average of 3.57 million bpd, down 2.4% from January.

-Shell has signed a production sharing contract with China National Petroleum Corp for developing a Shale gas block in Southwestern Sichuan Provence.

-Valero reports a Unit 1 incinerator trip due to bad weather at its 292,000 bpd Port Arthur refinery in Texas.

-Transactions in global refining sector increased to $6 billion in 2011 up 50% from 2010, driven by continued overcapacity as refinery owners focused corporate strategies on most profitable enterprises.

 

Spreads:  k/m 50/51, m/n 51/52, n/q 54/56, m/z 368/372, z12/z13 765/774.

Wti Spreads:  k/m -50/-49, m/n -45/-44, n/q -31/-29, m/z -108/-103, z12/z13 398/403.

Arbs:  may -17.19/-17.16, jun -16.19/-16.15, jul -15.25/-15.18.

Crack Spreads: may 13.85/13.90, jun 14.36/14.45, jul 14.94/15.09,  dec 17.08/17.36.

Gas Oil Spreads: j/k -1.00/-0.75, k/m -0.50/-0.25, m/n -0.75/-0.50, m12/z12 5.25/6.00, z12/z13 46.25/50.00.

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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