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Overnight news 18/04/2012

Published Wednesday, April 18th, 2012

Good morning, 07:30 am London time


June Brent: 118.78 (-0.01)

May WTI: 104.44 (0.24)

May Gasoil: 995.50 (1.25)

£/$: 1.5926

Euro/$ 1.3117



World News:  

-The IMF increased its forecast for global growth in 2012 to 3.5% from 3.3%.

-Positive news in Spain as the country sells 3.2 billion euros of bills, while the target was 3 billion.

-Asian shares rally this morning on the back of the positive Spanish debt sale yesterday, and good US corporate earnings.

-European stock index futures have opened relatively flat today, with marginal gains so far.


Oil News:

-Oil rallied yesterday on the back of a positive IMF forecast and said there is an upside to price due to possible supply disruptions.

-US gasoline demand dropped 6.8% year on year due to high prices and a rising fuel efficiency consumption.

-Exxon Mobil reported a unit shutdown at their 560,640 bpd refinery in Baytown, Texas.

-Tesoro’s 97,000 bpd refinery in LA and its 120,000 bpd in Washington have completed maintenance.

-South Africa’s biggest importer of Iranian crude has turned to Saudi Arabia for supply.



-Crude stocks up 3.4M bbls

-Gasoline stocks down 2.6M bbls

-Distillate stocks down 2.4M bbls

-Cushing up 581,000 bbls

-Crude runs down 289,000 bpd


Spreads:  m/n 9/10, n/q 27/28, q/u 45/46, m/z 2.35/2.39, z12/z13 6.74/6.76.

Wti Spreads:  k/m -45/-44, m/n -43/-42, n/q -35/-34, m/z -1.19/-1.14, z12/z13 3.58/3.66.

Arbs:  jun -13.91/-13.89, jul -13.41/-13.33, aug –12.80/-12.71, dec -10.44/-10.29.

Crack Spreads: jun 14.56/14.64, jul 14.55/14.69, aug 14.75/14.94.

Gas Oil Spreads: k/m 2.00/2.25, m/n 0.50/0.75, n/q 0.25/0.50, m12/z12 5.50/5.75, z12/z13 36.00/38.00.

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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