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OVERNIGHT HEADLINES 23/03/2012

Published Friday, March 23rd, 2012

Good morning, 7.00 am London time

 

May Brent: 123.46(+0.32)

May WTI: 105.69(+0.34)

Apr Gasoil: 1020.50(+6.75)

£/$: 1.58238

Euro/$ 1.32084

World News:  

-Japan has ordered missile defence systems to be prepared in response to the planned launch of a North Korean long-range rocket next month.

-The EU is set to impose a travel ban and an asset freeze on Asma al-Assad, the British-born wife of Syrian leader Bashar.

-The UN Security Council called for the “immediate restoration of constitutional rule and the democratically elected government”, after Mali troops ousted President Amadou Toumani Toure.

-European central bank president Mario Draghi is against Greece leaving the Euro zone because it would not solve the country’s woes and lead to higher inflation.

-AIG is said to have paid the US Treasury the remaining $1.5 billion preferred equity investment, but it still owes the taxpayer $45 billion for the bailout it received during the financial crisis.

 

Oil News:

-OPEC will raise crude exports by 1.5%, in the 4 week period to April 7, to 23.63 million bpd the highest level in 13 months.

-Sri Lanka has agreed to buy crude from Oman as it looks to reduce its reliance on Iran for oil.

-India will continue to import oil from Iran without violating any international laws

-The US wants China, India and 10 other nations to present specific plans of how they will curtail Iranian oil imports.

-India may launch the first shale gas license round by the end of 2013.

-India aims to expand its LNG capacity to 50 million tonnes a year from 2017 from 13.5 million tonnes now.

-Iraq’s state-owned South Oil Co. aims to boost output at its southern oilfields to six million bpd in the next three years.

 

Spreads:  k/m 57/58, m/n 54/55, n/q 57/58, m/z 384/387, z12/z13 780/794.

Wti Spreads:  k/m -50/-49, m/n -47/-46, n/q -34/-33, m/z -130/-127, z12/z13 385/390.

Arbs:  may -17.77/-17.74, jun -16.72/-16.65, jul -15.72/-15.65.

Crack Spreads: may 13.47/13.55, jun 14.02/14.15, jul 14.58/14.77,  dec 16.71/17.21.

Gas Oil Spreads: j/k -0.75/-0.25, k/m -0.25/0.00, m/n -0.50/-0.25, m12/z12 5.25/5.50, z12/z13 45.50/48.00.

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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