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Overnight news 23/04/2012

Published Monday, April 23rd, 2012

Good morning, 07:30 am London time


June Brent: 118.72 (-0.06)

June WTI: 103.79 (-0.09)

May Gasoil: 998.75 (-3.50)

£/$: 1.6111

Euro/$ 1.3188


World News:  

-Hollande beat Sarkozy in a narrow victory by 28.6 to 27.1%, as Le Pen rises to 18%, highest far-right result.

-Sudanese rebels have tried to take over the Southern border town of Talodi, with dozens of rebels killed in combat.

-The IMF members agreed to give further funding due to a concern that global recovery is slowing, although US declined to further aid.

-The preliminary Chinese purchasing managers’ index HSBC report shows 49.1 for April – a number below 50 is a sign of contraction.


Oil News:

-Oil trades near a three day high on the back of Iraqi export halts through Turkey due to a pipeline fault, usually between 450,000 and 500,000 bpd.

-The FT reported that oil trading will be coming under more scrutiny as the Extractive Industries Transparency Initiative (EITI) is exploring new ways of improving transparency between trading firms and NOC’s.

-US gasoline demand climbed in March for a second consecutive month due to fuel consumption decline according to API report on Friday.

-South Korea’s March Iran imports were seen at 4.80M bbls, a 40% drop year on year.

-Motiva Enterprises has begun maintenance on piping at their 285,000 bpd refinery in Port Arthur, Texas.


Spreads:  m/n 22/23, n/q 38/39, q/u 49/50, m/z 2.66/2.73, z12/z13 6.70/6.74.

Wti Spreads:  m/n -41/-40, n/q -35/-34, q/u -27/-25, m/z -1.35/-1.30, z12/z13 3.49/3.75.

Arbs:  jun -14.97/-14.92, jul -14.36/-14.28, aug –13.60/-13.54, dec -10.97/-10.81.

Crack Spreads: jun 14.78/14.85, jul 14.70/14.84, aug 14.98/15.19, dec 16.39/16.76.

Gas Oil Spreads: k/m 3.75/4.00, m/n 1.75/2.00, n/q 0.50/0.75, m12/z12 7.50/8.50, z12/z13 36.75/38.00.

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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