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Overnight news 24/04/2012

Published Tuesday, April 24th, 2012

Good morning, 07:30 am London time


June Brent: 118.59 (-0.12)

June WTI: 102.93 (-0.16)

May Gasoil: 997.75 (8.00)

£/$: 1.6121

Euro/$ 1.3148


World News:  

-Asian shares fall alongside the Euro, which continues to be under pressure as political and economic uncertainty could cause the austerity measures to fail.

-Chavez called Venezuela Television on Monday from Cuba, where he receives treatment of his cancer, to eliminate the rumours of his death after a 9 day silence.

-The US have told China that a Chinese firm sold North Korea components for missile transporter. The US plans to use this information to squeeze Beijing to strengthen enforcement of sanctions on Pyongyang.

-According to Reuters source, North Korea has almost completed the material for a third nuclear test, having a capacity to carry out test soon.


Oil News:

-US Crude trades near a two day low before data today may show inventories rose to an 11 month high.

-Socgen’s Michael Wittner claims a release of strategic oil reserves – about 60M bbls – will probably happen in June.

-Shipping rates appear to be rising on the back of Chinese demand for crude, with Suezmaxes costing as much as 45% more in Q2/Q3.

-Venezuelan oil minister Rafael Ramirez claims he is against OPEC raising its production, as there is “plenty of oil available in the market”.

-US gasoline at pumps continues to be too expensive despite the recent decline in price, Obama says.


Spreads:  m/n 27/28, n/q 40/41, q/u 49/50, m/z 2.71/2.72, z12/z13 6.62/6.75.

Wti Spreads:  m/n -44/-43, n/q -39/-38, q/u -30/-29, m/z -1.58/-1.54, z12/z13 3.21/3.35.

Arbs:  jun -15.65/-15.62, jul -14.96/-14.91, aug –14.17/-14.10, dec -11.41/-11.31.

Crack Spreads: jun 14.80/14.84, jul 14.83/14.92, aug 15.14/15.28, dec 16.09/16.65.

Gas Oil Spreads: k/m 4.00/4.25, m/n 1.50/1.75, n/q 0.50/0.75, m12/z12 7.25/7.50, z12/z13 37.00/37.75.

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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