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Overnight news 03/05/2012

Published Thursday, May 3rd, 2012

Good morning, 07:30 am London time


June Brent: 118.32 (0.12)

June WTI: 105.15 (-0.06)

May Gasoil: 1003.00 (3.50)

£/$: 1.6182

Euro/$ 1.3141


World News:  

-Chinese president Hu Jintao has said the US and China have to learn how to trust each other in strategic and economic talks.

-Spanish borrowing costs are expected to jump more than 1 percentage point at today’s auction of three and five year bonds.

-Asian shares have slid this morning after negative economic data from both sides of the Atlantic continue to add fear about the global economic state.

-Sarkozy and Hollande clashed repeatedly in the televised debate last night, but no clear winner was seen.

-ECB meeting today in Barcelona is expected to bring protestors to the city. The ECB is not expected to continue its bond buying programme despite pressure.


Oil News:

-Alaska has approved yesterday that TransCanada Corp can switch plans for a massive North Slope natural gas pipeline. New project will involve a shorter pipeline aimed at exporting liquefied natural gas by tanker vessel.

-Exxon Mobil’s 192,500 bpd refinery Chalmette, Louisiana had a weather related power outage.

-Californian spot gasoline diff’s strengthened after Tesoro confirmed planned works on San Francisco refinery.

-A BP hydrocracking unit, in the 406,570 bpd Texas City refinery will restart today.

-China will employ its first own deep-sea semi-submersible drilling platform in the eastern part of South China sea, on May 9.

-Strong demand for Fuel Oil seen in Korea.


Spreads:  m/n 30/31, n/q 36/38, q/u 45/46, m/z 2.55/2.59, z12/z13 6.38/6.40.

Wti Spreads:  m/n -37/-36, n/q -27/-25, q/u -15/-14, m/z -0.95/-0.91, z12/z13 3.91/3.99.

Arbs:  jun -13.24/13.16, jul -12.57/-12.46, aug –11.95/-11.83, dec -9.76/-9.60.

Crack Spreads: jun 15.66/15.71, jul 15.58/15.69, aug 15.77/15.94, dec 17.04/17.46.

Gas Oil Spreads: k/m 4.50/4.75, m/n 2.50/2.75, n/q 1.00/1.25, m12/z12 7.50/8.25, z12/z13 37.25/41.00.

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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