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Overnight news 02/05/2012

Published Wednesday, May 2nd, 2012

Good morning, 07:30 am London time


June Brent: 119.43 (-0.23)

June WTI: 105.85 (-0.31)

May Gasoil: 1009.75 (-3.75)

£/$: 1.6234

Euro/$ 1.3223


World News:  

-Moody’s says Japan should increase sales tax to maintain current welfare state, if not investors could demand higher returns on government bonds.

-Obama signs treaty with Karzai in Kabul to create a strategic partnership with the country.

-At least six killed in car bomb in Kabul soon after Obama had left the country. According to the Taliban, it was meant for a Western target.

-Secretary of State Clinton has arrived in China to talk about the Chinese dissident held under US protection.


Oil News:

-The Russian Energy Ministry reports April oil output down to 10.33 M bpd, from a previous 10.36 in March.

-Russian April daily gas output was seen at 1.87 BCM, down from 2.0 BCM in March.

-Exxon’s Baytown 557,000 bpd refinery has reported a hydro cracking unit trip.

-Shell’s Deer Park 333,700 bpd refinery reported a process unit shut-down after an upset.

-Valero’s Port Arthur 250,000 bpd refinery reports a leaking valve.


Spreads:  m/n 33/34, n/q 40/41, q/u 47/48, m/z 2.71/2.75, z12/z13 6.66/6.80.

Wti Spreads:  m/n -35/-33, n/q -25/-23, q/u -15/-13, m/z -0.92/-0.87, z12/z13 4.00/4.07.

Arbs:  jun -13.61/-13.54, jul -12.97/-12.86, aug –12.33/-12.24, dec -10.05/-9.90.

Crack Spreads: jun 15.66/15.72, jul 15.72/15.81, aug 15.98/16.14, dec 17.09/17.48.

Gas Oil Spreads: k/m 3.25/3.50, m/n 1.75/2.00, n/q 0.75/1.00, m12/z12 7.50/8.25, z12/z13 40.25/43.00.

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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