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Weekend headlines 26/03/2012

Published Monday, March 26th, 2012

Good morning, 7.00 am London time


May Brent: 124.88(-0.25)

May WTI: 106.56(-0.31)

Apr Gasoil: 1026.75(-2.25)

£/$: 1.58597

Euro/$ 1.32590

World News:  

-President Obama has said there is still time to solve Iran issue diplomatically but time is short and Tehran must act with urgency.

-Japan has shut down another nuclear power station, bringing it a step closer to abandoning atomic energy for the time being, following the Fukushima disaster.

-Deputy Prime minister Nick Clegg has announced that a trade deal has been agreed between the UK and South Korea that could boost the British  economy by £500 million a year.

-Syrian National Council says all other anti-Assad groups have been invited to a meeting in Istanbul to draw up a ‘national pact’ how to unseat President Bashar al-Assad’s government.

-An earthquake with a magnitude 7.1 has struck central Chile, with no reports of major damage or deaths.


Oil News:

-Frances Total has shut down the Elgin field in the UK’s North sea and evacuated most of its workers from the field after a gas leak, says the company.

-Total tweeted that it had suspended gas delivered to the Bacton terminal in eastern England of around 10 million cubic metres per day and the duration of the outage is unknown.

-South Sudan hopes to resolve a row over oil and other outstanding issues with Sudan with a month, says Sudan’s top negotiator.

-ExxonMobil reports air emissions from a pipe leak at its 584,000 bpd Baytown refinery in Texas.

-Shell has shut a processing unit at its 500,000 bpd Singapore refinery after black smoke was seen at the site.

-AK news reports Iraq’s state-owned Northern Oil Company has signed an agreement with BP to increase production from the Kirkuk oil field to 580,000 bpd from 280 bpd.


Spreads:  k/m 73/74, m/n 66/67, n/q 67/69, m/z 430/434, z12/z13 830/835.

Wti Spreads:  k/m -50/-49, m/n -45/-43, n/q -32/-31, m/z -125/-120, z12/z13 409/421.

Arbs:  may -18.38/-18.34, jun -17.17/-17.09, jul -16.07/-15.98.

Crack Spreads: may 12.96/12.99, jun 13.58/13.65, jul 14.19/14.34,  dec 16.95/17.30.

Gas Oil Spreads: j/k -0.50/-0.25, k/m 0.50/0.75, m/n 0/0.25, m12/z12 5.50/6.00, z12/z13 46.25/51.25.

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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