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Overnight news 20/04/2012

Published Friday, April 20th, 2012

Good morning, 07:30 am London time


June Brent: 118.34 (0.36)

June WTI: 103.29 (0.57)

May Gasoil: 997.00 (1.00)

£/$: 1.6042

Euro/$ 1.3133


World News:  

-The BRICS countries demand more power in the IMF as a condition to for lending extra cash.

-US and Asian stocks fell yesterday and this morning on the back of Europe’s debt crisis and a slowing recovery in US economy.

-The 5 UN Security Council permanent members + Germany are preparing to meet  on May 23 to renew talks about Iran’s nuclear program, after April 14ths meetings were considered constructive by both sides.

-Jobless claims in the US fell by 2,000 to 386,000 in the week ending April 14.

-US Home purchases fell 2.6% to a 4.48 million annual rate, down from 4.6 in February.


Oil News:

-Tesoro workers at the Wilmington refinery, 97,000 bpd in California have authorized a strike.

-Asian refiners are reducing their imports of West African crude in May by 3.6%, the lowest level in 5 months.

-Japan’s Cosmo Oil has received approval to restart their 100,000 bpd refinery at Chiba.

-Iraq is ready to begin oil exports from a second new floating facility in the next 24 hours.


Spreads:  m/n 17/18, n/q 36/37, q/u 50/51, m/z 2.62/2.67, z12/z13 6.58/6.67.

Wti Spreads:  m/n -42/-41, n/q -37/-35, q/u -30/-27, m/z -1.45/-1.42, z12/z13 3.08/-3.22.

Arbs:  jun -15.15/-15.09, jul -14.58/-14.47, aug –13.85/-13.74, dec -11.18/-11.00.

Crack Spreads: jun 14.89/14.96, jul 14.75/14.83, aug 14.99/15.06, dec 16.34/16.74.

Gas Oil Spreads: k/m 4.50/4.75, m/n 2.00/2.25, n/q 0.75/1.00, m12/z12 7.25/7.50, z12/z13 35.50/38.75.

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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