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Overnight news 08/05/2012

Published Tuesday, May 8th, 2012

Good morning, 07:30 am London time


June Brent: 113.46 (0.30)

June WTI: 97.66 (-0.28)

May Gasoil: 957.75 (6.25)

£/$: 1.6176

Euro/$ 1.3037


World News:  

-Greece’s left coalition party opposed to European bailout might have a chance of power after conservatives fail to make a strong coalition.

-India’s foreign ministry announced the recent attacks in Afghanistan should make Pakistan take a tougher stand against terrorism.

-Republican Rick Santorum has endorsed Mitt Romney for US President.

-Fed’s Lacker has announced that the strong economic contraction in Europe could cut into US growth.

-Chavez has called Venezuelan state national television while in treatment in Cuba for cancer to announce he is governing in complete functions.

-The US authorities believe that an explosive device found to be used by a suicide bomber comes from Al Qaeda in the Arabian Peninsula.


Oil News:

-Japan’s Trade Minister announced he would ask for complete support from Saudi Arabia to help Japan maintain a stable oil supply.

-Saudi’s Ali Naimi said in Tokyo that oil prices are still high despite the recent decline.

-Naimi announced as well that the country is pumping at a rate of around 10M bpd.

-Japan’s JX Nippon Oil have restarted their 127,000 bpd crude distillation unit at Marifu refinery.

-Chevron reported flaring at their 265,500 bpd California refinery.


Spreads:  m/n 37/38, n/q 42/44, q/u 49/50, m/z 2.74/2.78, z12/z13 5.66/5.74.

Wti Spreads:  m/n -38/-36, n/q -29/-27, q/u -25/-24, m/z –1.44/-1.40, z12/z13 2.55/2.68.

Arbs:  jun -15.80/-15.78, jul -15.07/-15.03, aug –14.37/-14.31, dec -11.66/-11.56.

Crack Spreads: jun 14.43/14.48, jul 14.34/14.46, aug 14.59/14.75, dec 16.15/16.61.

Gas Oil Spreads: k/m 4.75/5.00, m/n 3.00/3.25, n/q 1.00/1.25, m12/z12 6.00/6.50, z12/z13 27.00/35.00.

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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