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Overnight headlines 31/05/2012

Published Thursday, May 31st, 2012

Good morning, 07:30 am London time

 

July Brent: 103.48 (0.01)

July WTI: 87.98 (0.16)

June Gasoil: 882.75 (0.25)

£/$: 1.5479

Euro/$ 1.2375

 

World News:  

-Asian shares fall this morning while the Euro reaches its lowest level in two years against the dollar as investors flee risky assets and go to US government bonds.

-EC spokesperson said this morning Spain needed to inform about recapitalisation plans for Bankia.

-The EU offered Spain more time to reduce its budget deficit and direct aid from a EU rescue fund yesterday.

-Ahmadinejad said he did not expect any resolution in next month’s talks in Moscow on Iran’s nuclear power programme.

 

Oil News:

-US Crude fell 20% from highest settlement this year, on the back of Eurozone crisis and slowing US economy.

-Brent crude drops below $103 this morning as prices head for the biggest monthly percentage drop in two years.

-Repsol will most likely leave Cuba after its 12 year-long aim for offshore oil produced two dry holes.

-BP’s 225,000 bpd refinery in Cherry Point, WA, has reported sulphur dioxide emissions after hydrocracker unit compressor upset.

 

API’s

Crude down 353K

Gasoline up 2.1M

Distillates down 1.3M

Runs up 384K

Cushing down 557K

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

0.39

0.40

-0.33

-0.32

-15.55

-15.50

14.40

14.51

4.25

4.50

Second

0.35

0.36

-0.31

-0.30

-14.84

-14.77

14.63

14.79

1.00

1.25

Third

0.41

0.43

-0.27

-0.25

-14.18

-14.10

15.03

15.23

-0.75

-0.50

m/z

4.50

5.00

z/z

3.21

3.25

0.42

0.50

-12.52

-12.41

15.49

16.22

9.50

11.75

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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