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Overnight news 09/05/2012

Published Wednesday, May 9th, 2012

Good morning, 07:30 am London time


June Brent: 112.27 (-0.46)

June WTI: 96.70 (-0.31)

May Gasoil: 955.00 (9.75)

£/$: 1.6134

Euro/$ 1.2973


World News:  

-Greece’s leftist Tsipras will meet today with other Greek leaders to form a coalition, with his main prerequisite to agree to tear up country’s EU/IMF bailout deal.

-German bund futures fall this morning as investors look for safe-haven debt, due to the Greek uncertainty and Hollande’s win in France.

-Spain’s government will ask it’s banks to raise another 35 billion euros extra against big loans in their property portfolios.

-China’s money rates have fallen this morning due to expectations that the government will inject more liquidity into financial system.

-Israel’s Netanyahu managed to form a coalition that could facilitate his objectives of attacking Iran.


Oil News:

-US Oil declined for a fifth straight day on the back of Saudi minister’s comments on prices going down, the Eurozone crisis and oversupply.

-US gasoline prices at pump have continued their decline, mining one of the main attacks Republicans could use against Obama.

-Nigerian troops have arrested two oil tankers with 1.8M bbls of suspected stolen crude.

-BP’s 230,000 bpd refinery in Washington reported a process unit upset.

-Shell’s 234,700 bpd refinery in Louisiana reported a compressor shutdown due to storm related problems.



Crude up 7.8M bbls

Gasoline down 4.9M bbls

Distillates down 2.7M bbls

Cushing up 1.2M bbls

Crude runs up 153K

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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