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Overnight news 10/05/2012

Published Thursday, May 10th, 2012

Good morning, 07:30 am London time


June Brent: 112.93 (-0.27)

June WTI: 96.72 (-0.08)

May Gasoil: 963.25 (3.75)

£/$: 1.6139

Euro/$ 1.2943


World News:  

-The Spanish government takes over Bankia, fourth biggest lender in Spain, assuming an indirect 45% stake in the Bank.

-Chinese exports at 4.9% in April while March  8.9%, adding fears about economic recovery.

-Asian shares struggle this morning on the back of negative Chinese trade data, fear of Spanish banks and the political crisis in Greece.

-A second Greek election looks certain to happen as Tsipras, leftist leader, gives up attempt to form a coalition.

-Foreign investment in the US is declining, according to the Organization for International Investment.


Oil News:

-US oil fell a seventh day in a row, longest run in more than two years due to US crude stockpiles and a worsening of Europe’s debt crisis.

-China reduced net crude imports to lowest level in four months due to economic slowdown and refinery repairing.

-BP’s 230,000 bpd Cherry Point refinery in Washington shut a unit due to emissions.

-Valero’s 156,000 bpd refinery in Texas reports emissions.


Spreads:  m/n 40/41, n/q 44/45, q/u 49/51, m/z 2.73/2.78, z12/z13 5.59/5.68.

Wti Spreads:  m/n -34/-33, n/q -27/-26, q/u -27/-26, m/z –1.46/-1.43, z12/z13 2.44/2.53.

Arbs:  jun -16.25/16.20, jul -15.53/-15.45, aug –14.83/-14.73, dec -12.11/11.96.

Crack Spreads: jun 14.95/15.04, jul 14.80/14.96, aug 15.03/15.25, dec 16.39/16.91.

Gas Oil Spreads: k/m 9.25/10.00, m/n 3.75/4.00, n/q 1.25/1.50, m12/z12 8.50/9.00, z12/z13 30.00/35.00.

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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