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Weekend news 30/04/2012

Published Monday, April 30th, 2012

Good morning, 07:30 am London time


June Brent: 119.75 (-0.08)

June WTI: 104.99 (0.06)

May Gasoil: 1011.75 (3.25)

£/$: 1.6280

Euro/$ 1.3236


World News:  

-The S&P takes negative rating actions on 16 Spanish banks.

-China and the US face tense talks over trade, Iran, North Korea and the seeking of refuge by a Chinese blind activist for US protection.

-German Bunds open holding previous session position, while Spanish bonds will remain under pressure until Thursday’s auction.

-Thousands take the streets in Spain over budget trimming measures, as unemployment continues to soar, now around 25%.


Oil News:

-US crude fell from a four week high OPEC increases production by 305,000 bpd, according to Bloomberg survey.

-CFTC data shows Hedge Funds cut their net long positions by 6,383 to 80,839 last week, biggest weekly drop since December 20.

-Regular gasoline at the pump fell for the 11th consecutive day in the US, as investors cut bullish bets by 16%.

-China is considering sovereign guarantees for their ships to be able to import Iranian crude, as EU sanctions on the country will come into place in July.


Spreads:  m/n 43/44, n/q 44/45, q/u 54/55, m/z 3.14/3.17, z12/z13 6.90/6.95.

Wti Spreads:  m/n -39/-38, n/q -32/-31, q/u -21/-19, m/z -1.19/-1.14, z12/z13 3.56/3.75.

Arbs:  jun -14.68/-14.64, jul -13.88/-13.80, aug –13.14/-13.04, dec -10.41/-10.26.

Crack Spreads: jun 15.49/15.51, jul 15.51/15.59, aug 15.76/15.92, dec 17.04/17.51.

Gas Oil Spreads: k/m 4.75/5.00, m/n 2.75/3.00, n/q 1.00/1.25, m12/z12 9.50/10.25, z12/z13 40.00/42.50.

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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