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Overnight news 14/05/2012

Published Monday, May 14th, 2012

Good morning, 07:30 am London time


June Brent: 111.82 (-0.44)

June WTI: 95.41 (-0.72)

June Gasoil: 943.00 (-7.75)

£/$: 1.6060

Euro/$ 1.2883


World News:  

-The Greek president has called on the country’s three biggest party leaders and a moderate leftist leader for talks to form a coalition.

-Angela Merkel’s CDU conservative party lost the elections in North Rhine-Westphalia, Germany’s biggest region, with rival SPD winning 38.9%, a blow against her austerity measures.

-Asian shares fall today as talks over government in Greece failed and China loosening its fiscal policy worsened fears that the country’s economy is wavering.

-Italy is looking to sell up to 5.25 billion euros in 3-year bonds today, in a test of demand for the lower rated euro zone debt, amidst Greek government uncertainty.


Oil News:

-Saudi’s oil minister Ali Al-Naimi says crude prices should fall to $100 a barrel due to global supply outweighing demand.

-Iraq is looking to overtake Iran as OPEC’s second largest producer by the end of 2012. The country is now pumping at its highest rate since Saddam seized power in 1979.

-PDVSA will sell around $3 billion in 23-year bonds, with an interest of 9.75%, ending 6 month halt of sales in dollar denominated debt.

-BP’s 225,000 bpd refinery in Washington reports on-going emissions of sulphur dioxide.

-Exxon’s 344,500 bpd refinery in Beaumont, Texas reports on-going emissions after two compressors went offline on Sunday.


Spreads:  m/n 46/47, n/q 44/46, q/u 49/50, m/z 2.72/2.78, z12/z13 5.20/5.29.

Wti Spreads:  m/n -38/-37, n/q -28/-27, q/u -29/-27, m/z –1.58/-1.56, z12/z13 2.10/2.48.

Arbs:  jun -16.39/-16.35, jul -15.55/-15.49, aug –14.85/-14.76, dec -12.12/-11.80.

Crack Spreads: jun 14.75/14.81, jul 14.65/14.76, aug 14.87/15.06, dec 16.09/17.01.

Gas Oil Spreads: m/n 3.50/3.75, n/q 1.25/1.50, q/u 0.00/0.25, m12/z12 7.25/7.50, z12/z13 28.25/35.00.

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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