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Overnight news 15/05/2012

Published Tuesday, May 15th, 2012

Good morning, 07:30 am London time

 

June Brent: 111.18 (-0.39)

June WTI: 94.37 (-0.41)

June Gasoil: 931.50 (-2.50)

£/$: 1.6094

Euro/$ 1.2825

 

World News:  

-Greek president proposed a group of Technocrats drive the nation away from bankruptcy, but leftist group has already rejected the proposal.

-Palestinian prisoners in Israeli jails have decided to end hunger strike with a deal from Egypt.

-German GDP grew 0.5% in Q1 (with seasonal adjustment) on the back of strong exports.

-Moody’s has downgraded Italian banks, the outlook remains negative.

-European stocks have opened lower on Tuesday, as worries over Greek government continue.

 

Oil News:

-One Forties cargo has been delayed in May (F0518), while another brought forward to June (F0604).

-US crude extends decline from the lowest settlement in 5 months, as stockpiles survey show that they have probably increased around 1.5M bbls.

-US diplomat says the country is not impressed with India’s cutting back of Iranian oil.

-US drivers to pay less on the pump as prices continue steady decline, now 3.6 cents per gallon less than previous week.

-Rates on key Asian freight routes are set to fall this week due to weakening fuel oil prices.

 

 

Brent m/n

0.59

0.6

n/q

0.53

0.54

q/u

0.55

0.56

m/z

3.1

3.23

z/z

4.88

5.05

WTI m/n

-0.35

-0.34

n/q

-0.27

-0.26

q/u

-0.28

-0.27

m/z

-1.51

-1.48

z/z

2.09

2.19

WTI/Brent jun

-16.96

-16.91

jul

-16

-15.95

aug

-15.22

-15.15

dec

-12.35

-12.17

   
Gasoil Cracks jun

13.79

13.89

jul

14.13

14.21

aug

14.5

14.7

dec

16.39

16.51

   
Gasoil Spread m/n

2.25

2.5

n/q

0.5

0.75

q/u

-0.5

-0.25

m/z

4

4.5

z/z

25

28

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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