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Overnight news 16/05/2012

Published Wednesday, May 16th, 2012

Good morning, 07:30 am London time


June Brent: 110.85 (-1.39)

June WTI: 92.24 (-1.74)

June Gasoil: 928.00 (-4.25)

£/$: 1.5973

Euro/$ 1.2727


World News:  

-Greek leaders meet today to forma a caretaker government to lead the country into its elections, probably mid-June.

-Asian shares fall but dollar rises fears that Greece might exit the Euro.

-German bunds have opened higher today after Greece said it will hold new elections.

-Gold hits 4 month low on Greek turmoil.

-India’s benchmark stock index dropped 2% after the rupee hits a record low.


Oil News:

-US Crude falls to a five month low after US stockpiles increase and failure by Greek leaders to form a coalition government hits the market.

-The reversal of the Seaway pipeline will take place tomorrow, may do little to ease the current situation.

-Valero’s 180,000 bpd refinery reported sulphur dioxide emissions at Memphis.

-Russia’s deputy Prime Minister announced the opposition to selling a stake in their state oil pipeline Transneft.



-Crude up 6.6M

-Gasoline stocks down 2.6M

-Distillate stocks down 1.6M

-Cushing up 2.8M

-Crude runs up 15K


Brent WTI WTI/Brent Gasoil Cracks Gasoil Spread
m/n 0.86 0.87 m/n -0.38 -0.37 jun -18.71 -18.57 jun 13.1 13.77 m/n 2.75 3
n/q 0.64 0.65 n/q -0.31 -0.3 jul -17.45 -17.43 jul 14.14 14.24 n/q 1 1.25
q/u 0.65 0.66 q/u -0.3 -0.29 aug -16.52 -16.47 aug 14.59 14.76 q/u 0 0.25
m/z 2.01 2.1 m/z -1.7 -1.68 dec -13.2 -13.13 dec 16.14 16.6 m/z 6.5 7
z/z 4.9 5.01 z/z 1.94 1.98 z/z 26 30

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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