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Overnight headlines 27/03/2012

Published Tuesday, March 27th, 2012

Good morning, 7.00 am London time


May Brent: 125.54(-0.11)

May WTI: 106.91(-0.09)

Apr Gasoil: 1031.75(+1.75)

£/$: 1.59625

Euro/$ 1.33551

World News:  

-World leaders called for closer co-operation to tackle the threat of nuclear terrorism at a summit on nuclear security in Seoul.

-US stocks ended Monday higher after Federal Reserve chairman Ben Bernanke hinted the US central bank would keep in place its supportive monetary policy.

-The US said it would suspend some aid to Mali after last week’s coup, estimate $60-70 million may be affected.

-China Industrial firms made total profits of 606 billion Yuan($96 billion) in first 2 months of 2012, down 5.2% year-on year reports National Bureau of statistics.

-Former head of IMF has been placed under formal investigation in France over alleged involvement in a prostitution ring.


Oil News:

-US drivers paid 5.1 cents per gallon more at the pump in the latest week with prices reaching $3.92 a gallon.

-Japans JX reports it has shut all units at its 127,000 bpd Marifu refinery due to power outage with no restart set.

-Enbridge said it plans to expand the capacity of its US Gulf coast access projects to address increased demand, the Flanagan South pipeline expected to open mid 2014 will be upsized.

-Enbridge also says that they and its partner, Enterprise products, will add 450,000 bpd of capacity to seaway pipeline system.

-Private-equity firms are increasing investment in North America’s oil and natural gas drilling boom, the estimated $40 billion in annual spending on pipelines and processing.


Spreads:  k/m 71/72, m/n 65/66, n/q 68/69, m/z 429/433, z12/z13 815/826.

Wti Spreads:  k/m -52/-50, m/n -47/-46, n/q -34/-33, m/z -140/-138, z12/z13 385/396.

Arbs:  may -18.63/-18.60, jun -17.43/-17.36, jul -16.31/-16.23.

Crack Spreads: may 13.07/13.10, jun 13.77/13.80, jul 14.43/14.54,  dec 17.22/17.41.

Gas Oil Spreads: j/k -1.50/-1.25, k/m -0.25/0.00, m/n -0.50/-0.25, m12/z12 5.25/5.50, z12/z13 46.25/51.00.

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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