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Overnight headlines 30/03/2012

Published Friday, March 30th, 2012

Good morning, 7.30 am London time


May Brent: 122.75(+0.36)

May WTI: 103.36(+0.58)

Apr Gasoil: 1013.50(-4.25)

£/$: 1.59885

Euro/$ 1.33587

World News:  

-The UK Foreign Secretary William Hague has said that the UK is to double its non-military aid to opponents of President Bashar al-Assad’s regime in Syria.

-Japan’s industrial output unexpectedly fell in February by 1.2% compared with January, as demand for cars and electronic goods fell.

-The OECD has said that the UK economy will contract in the first 3 months of 2012, taking the country back into recession.

-West African nations, Ecowas, have given the leaders of a coup in Mali 72 hours to relinquish power or face sanctions.


Oil News:

-PetroChina has taken over ExxonMobil as the world’s biggest listed producer of oil, the Chinese firm said it produced 886.1 million bbls of oil last year, 2.43 million bpd, to Exxon’s 2.3 million bpd.

-Japan’s crude oil imports from Iran fell 32.7% in February from a year earlier,  to 1.41 million kilolitres, according to data from the Ministry of Economy, Trade and Industry.

-French Prime minister Francois Fillion has said governments are moving closer to an agreement on a release of oil from emergency stockpiles to stem gains in crude that have driven prices to the highest levels in three years.

-Nine energy companies have submitted bids to explore for oil off the coast of energy-poor Uruguay, the state energy company said, after successful exploration of neighbouring Brazils coast.

-Indonesia’s parliament is set to vote on a controversial fuel price hike on Friday, with a leading political party threatening to scupper the plan in a move that could undermine confidence.


Spreads:  k/m 78/79, m/n 65/66, n/q 65/66, m/z 415/417, z12/z13 775/782.

Wti Spreads:  k/m -55/-54, m/n -49/-48, n/q -38/-37, m/z -174/-170, z12/z13 317/321.

Arbs:  may -19.45/-19.37, jun -18.13/-18.02, jul -17.00/-16.90.

Crack Spreads: may 13.25/13.28, jun 13.82/13.91, jul 14.35/14.50,  dec 16.85/17.06.

Gas Oil Spreads: j/k 0.50/0.75, k/m 1.25/1.50, m/n 0.50/0.75, m12/z12 7.25/7.50, z12/z13 46.25/47.75.

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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