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Weekend Headlines

Published Monday, March 19th, 2012

Good morning, 7.00 am London time

 

May Brent: 125.54(-0.27)

Apr WTI: 107.13(+0.29)

Apr Gasoil: 1038.50(+2.75)

£/$: 1.58499

Euro/$ 1.31711

World News:  

-27 people are reported dead and hundreds wounded after 2 explosions rocked the Syrian capital Damascus, on Saturday.

-IMF chief Christine Lagarde has said that China must stop its economy being too dependent on exports and investment.

-Votes are being counted in the African nation of Guinea-Bissau following an election to choose a new president.

-Ministers in the UK are considering cutting the 50p top rate of income tax in next week’s Budget.

 

Oil News:

-The Iraqi cabinet has approved plans to diversify its oil export routes to avoid excessive reliance on exports through the Persian Gulf and the Strait of Hormuz.

-Saudi Arabian oil exports rose 143,00 bpd in January than that of a month earlier as it increased supplies to the United States.

-US oil refiners are expected to shut 1,565,000 bpd of capacity for the week ending March 23, up from 1,509,000 bpd in the week ending March 16.

-State run Oil India aims to produce 3.95 million tonnes of crude oil in 2012/2013.

-Australia’s crude oil production in 2011 fell 18.9% year on year to 92 million barrels or 252,055 bpd, its lowest level since 1970.

-BP reports a unit trip and system shutdown at its 405,000 bpd Whiting Indiana refinery.

-China, the world’s second largest oil consumer has started building a state petroleum reserve facility in north western Jinzhou city and set to become operational by the end of 2015.

-Woodside Petroleum has restarted production at its Enfield oil field off western Australia North west cape following Tropical cyclone Lua.

-Saudi Arabia has reopened the port of Ras Tanura but loading operations were slow due to bad weather.

 

Spreads:  k/m 56/57, m/n 55/56, n/q 61/63, m/z 404/406, z12/z13 818/824.

Wti Spreads: j/k -52/-51, k/m -47/-46, m/n -44/-43, m/z -105/-100, z12/z13 416/425.

Arbs:  may -18.03/-17.99, jun -17.00/-16.95, jul -16.00/-15.95

Crack Spreads: may 13.81/13.84, jun 14.30/14.40, jul 14.78/14.92,  dec 17.35/17.56.

Gas Oil Spreads: h/j 0.25/0.50, j/k 0.25/0.50, k/m 0.25/0.50, m12/z12 7.50/8.50, z12/z13 45.50/51.00.

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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