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Overnight headlines 29/03/2012

Published Thursday, March 29th, 2012

Good morning, 7.00 am London time

 

May Brent: 124.17(+0.01)

May WTI: 105.30(-0.11)

Apr Gasoil: 1024.50(+0.50)

£/$: 1.59207

Euro/$ 1.33367

World News:  

-The US has increased pressure on Syria to implement a peace plan brokered by Kofi Annan, calling for a UN-monitored end to the fighting.

-A Pentagon official has confirmed that food aid plans for North Korea has been put on hold after Pyongyang announced a new rocket launch.

-Japan’s retail sales rose more than expected by 3.5% from the same month a year earlier, says the Trade Ministry.

-The UK’s economic forecast for the last 3 months of 2011 has been revised down to a contraction of 0.3% from 0.2% by Office for National Statistics.

-Spanish unions angry over economic reforms have launched a general strike just a day before the government will unveil more austerity measures.

 

Oil News:

-Japan’s LNG imports rose 22.5% in February year on year to 7.667 million tonnes, but down from 8.15 million tonnes in January.

-A White house official said the Obama administration hasn’t made a decision on whether to release oil from the Strategic Petroleum Reserve nor made any specific proposal to allies.

-Japan’s Tepco have asked the government to inject 1 trillion Yen ($12.06 billion) in tax money to stay afloat.

-ConocoPhillips reports a unit upset at its 239,400 bpd Westlake refinery in Louisiana.

-Japan’s customs-demand imports from Iran fell by 43.4% in February from a year earlier to 267,700 bpd, Ministry of Finance data showed.

-Brazil’s state-run oil giant Petrobras reports it produced an average 2.7 million barrels in February.

 

Spreads:  k/m 69/70, m/n 63/64, n/q 63/64, m/z 400/406, z12/z13 775/786.

Wti Spreads:  k/m -54/-53, m/n -49/-48, n/q -37/-35, m/z -163/-161, z12/z13 335/342.

Arbs:  may -18.79/-18.75, jun -17.57/-17.50, jul -16.46/-16.37.

Crack Spreads: may 13.27/13.39, jun 13.84/14.02, jul 14.43/14.65,  dec 16.83/17.20.

Gas Oil Spreads: j/k 0/0.25, k/m 0.50/0.75, m/n 0.25/0.50, m12/z12 6.50/7.00, z12/z13 47.25/49.00.

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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