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Overnight Headlines

Published Friday, March 16th, 2012

Good morning, 7.00 am London time


May Brent: 123.16(+0.56)

Apr WTI: 105.43(+0.32)

Apr Gasoil: 1023.75(-0.25)

£/$: 1.57121

Euro/$ 1.30788


World News:  

-The IMF has agreed to pay 28 billion euros towards Greece’s second bailout of 130 billion euros.

-Four members of the Gulf Cooperation Council have joined other members and closed their embassies in Syria.

-North Korea to launch an earth observation Satellite in April, a month after agreeing to a moratorium on missile and nuclear testing.

-Treasury 30 year bonds were poised for the biggest weekly drop in 31 months before US data forecast to show consumer sentiment improved and factory output increase.


Oil News:

-David Cameron and President Obama discussed the possibility of releasing emergency oil reserves during talks in Washington to combat the high levels of US fuel prices, but no final decision was taken.

-The UK has hit back at Argentina’s threats of court action over Falklands oil exploration, calling its behaviour ‘illegal intimidation’.

-Chevron filed a temporary halt to production operations in Brazil after it detected a ‘small new seep’ of oil in the same offshore field where it suffered a high profile leak in November.

-Japans Inpex has agreed to acquire a 17.5% stake in Shell’s Prelude floating LNG project off north western Australia.

-Cyclone Lua is still keeping oil operations closed off north western Australia.

-China aims to produce 6.5 billion cubic metres of shale gas by 2015, as the country aims to tap the alternative fuel to meet growing demand.

-Petrobras plans to continue with its investments of $224.7 billion in the period 2011/2015 after reports in the media suggesting it will cut investments


Spreads:  k/m 41/42, m/n 44/45, n/q 50/51, m/z 337/341, z12/z13 755/761.

Wti Spreads: j/k -52/-51, k/m -57/-56, m/n -52/-51, m/z -125/-121, z12/z13 369/379.

Arbs:  may -17.17/-17.15, jun -16.23/-16.15, jul -15.27/-15.19

Crack Spreads: may 14.26/14.39, jun 14.63/14.73, jul 14.94/15.29,  dec 17.09/17.20.

Gas Oil Spreads: h/j -0.50/-0.25, j/k 0/0.25, k/m 0/0.25, m12/z12 6.00/6.75, z12/z13 45.75/47.25.

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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