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Overnight news 26/04/2012

Published Thursday, April 26th, 2012

Good morning, 07:30 am London time


June Brent: 119.15 (0.03)

June WTI: 104.18 (0.06)

May Gasoil: 1004.25 (8.25)

£/$: 1.6159

Euro/$ 1.32200


World News:  

-ECB’s Draghi told EU governments on Thursday to strengthen their economies, and gave no indication of a possible ECB bond buyout.

-The US Central Bank gives an indication that interest rates will not rise until at least late 2014.

-Dutch finance Minister de Jager said talks about their 2013 budget with opposition were constructive and will continue talks with other groups these days.

-Pakistan’s supreme court has found the prime minister Yusuf Raza Gilani guilty of contempt, though no jail given.

-Moody’s released a report claiming China’s outlook was positive, although reforms were needed to sustain growth.


Oil News:

-Argentina’s proposal of nationalizing YPF was approved by the Senate today by 63-3 votes.

-Motiva’s 285,000 bpd Port Arthur Refinery reported operation shutdown due to emissions of unspecified hydrocarbons.

-Husky Energy’s 155,000 bpd refinery in Lima, Ohio has shut down operations due to a leak.

-Exxon reports unit shutdown at their 238,600 bpd refinery in Joliet, IL.

-India’s MPRL will start full scale operation of their 300,000 bpd refinery in May.


Spreads:  m/n 34/35, n/q 41/42, q/u 49/51, m/z 2.84/2.87, z12/z13 6.64/6.68.

Wti Spreads:  m/n -39/-38, n/q -33/-32, q/u -23/-21, m/z -1.28/-1.25, z12/z13 3.47/3.64.

Arbs:  jun -14.97/-14.91, jul -14.25/-14.16, aug –13.50/-13.41, dec -10.95/-10.65.

Crack Spreads: jun 15.10/15.13, jul 15.18/15.25, aug 15.48/15.58, dec 16.50/17.00.

Gas Oil Spreads: k/m 4.25/4.50, m/n 1.75/2.00, n/q 0.50/0.75, m12/z12 8.00/8.75, z12/z13 37.00/39.00.

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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