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Overnight news 01/05/2012

Published Tuesday, May 1st, 2012

Good morning, 07:30 am London time


June Brent: 119.29 (-0.18)

June WTI: 104.71 (-0.16)

May Gasoil: 1011.25 (4.00)

£/$: 1.6230

Euro/$ 1.3242


World News:  

-Asian shares creep up on Tuesday as Chinese factory data boosts Australian equities. Eurozone and US capped any massive spike.

-China’s April official PMI at 53.3 vs 53.1 in March.

-Japan, in talks with US, might join the Trans-Pacific Partnership (TPP), a free trade agreement within the region.

-Two  FED representatives have claimed have claimed that there is no further need for the Central Bank to ease monetary policy.


Oil News:

-Oil trades around a two day low due to US stockpile forecast at 21 year high.

-Exxon Baton Rouge refinery has reported release of hydrogen sulphide.

-JP Morgan claims the WTI/Brent spread could widen sharply at the end of 2012 due to depressing US oil prices due to refinery maintenance that could reduce crude demand.

-South Korea crude oil imports down 5.4% year on year, preliminary data shows.


Spreads:  m/n 29/30, n/q 38/39, q/u 48/50, m/z 2.73/2.78, z12/z13 6.82/6.87.

Wti Spreads:  m/n -39/-38, n/q -30/-29, q/u -18/-16, m/z -1.05/-1.03, z12/z13 3.52/3.63.

Arbs:  jun -14.62/-14.58, jul -13.95/-13.88, aug –13.24/13.20, dec -10.87/-10.73.

Crack Spreads: jun 15.80/15.86, jul 15.72/15.83, aug 15.96/16.12, dec 16.54/17.46.

Gas Oil Spreads: k/m 4.25/4.50, m/n 2.50/2.75, n/q 1.00/1.25, m12/z12 9.00/9.25, z12/z13 42.00/43.00.

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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