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Overnight news 11/05/2012

Published Friday, May 11th, 2012

Good morning, 07:30 am London time


June Brent: 111.70 (-1.03)

June WTI: 95.90 (-1.18)

June Gasoil: 942.75 (-7.50)

£/$: 1.6126

Euro/$ 1.2914


World News:  

-China’s April industrial output is up 9.3% year on year, below 12% forecast.

-Chinese April CPI is up 3.4% year on year, but down 0.1% from previous month.

-US jobless claims dropped to  367,000 up until May 5, lowest level since end of March.

-A lower than expected PPI could give the Fed a little more reason to launch QE3, according to Reuters Jason Lange.

-Greek socialist leader Venizelos will meet conservative Samaras today for a last shot to form a government and avoid a second round of elections.


Oil News:

-Crude oil in US looks to have a second weekly drop on the back of European debt crisis which could dampen fuel demand

-Brent Crude this morning fell more than $1 on worse than expected Chinese industrial output.

-China’s April crude oil refinery runs at 36.96M tonnes, down 0.3 year on year.

-OPEC data shows they have been producing 8.3% more crude than it considers necessary this quarter.


Spreads:  m/n 35/36, n/q 38/40, q/u 46/48, m/z 2.58/2.61, z12/z13 5.25/5.32.

Wti Spreads:  m/n -36/-35, n/q -27/-25, q/u -26/-25, m/z –1.49/-1.47, z12/z13 2.36/2.42.

Arbs:  jun -15.82/15.76, jul -15.13/-15.04, aug –14.49/-14.36, dec -11.76/-11.64.

Crack Spreads: jun 14.85/14.96, jul 14.73/14.88, aug 14.96/15.16, dec 16.39/16.71.

Gas Oil Spreads: m/n 3.25/3.50, n/q 1.00/1.25, q/u 0.00/0.25, m12/z12 6.75/7.25, z12/z13 29.25/31.00.

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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