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Overnight news 29/05/2012

Published Tuesday, May 29th, 2012

Good morning, 07:30 am London time

 

July Brent: 107.51 (0.40)

July WTI: 91.46 (0.36)

June Gasoil: 910.50 (0.50)

£/$: 1.5662

Euro/$ 1.2528

 

World News:  

-European stock futures point to a higher open today on the back of expectations for the US home price and consumer confidence data being positive.

-Greek finance minister announced Monday they government gave 18 billion euros to its four biggest banks.

-Spanish 10 year borrowing costs got very close to the 7% level as Bankia shares continue to hit record lows.

-Companies around Europe prepare for the possibility of civil unrest in Greece and a switch to the drachma.

-Assad faces new international sanctions and more pressure after the massacre in Syria, although he blames Islamist rebels for the attacks.

 

Oil News:

-South Korea imported 7.5M bbls of Iranian crude in April, up 42% year on year, but imports could possibly be suspended in July due to the European insurance embargo.

-Brent crude remains around $107.00 as supply disruptions in Middle East are weighed against the Eurozone crisis.

-One June cargo of Forties has been delayed, making this the third cargo for the month.

-Angola’s crude exports are set to fall 6.5% in July from June, as oilfield maintenance impacts production in second largest African producing country.

-Motiva’s 285,000 bpd refinery in Port Arthur, Texas reported hydrogen sulphide release.

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

0.45

0.46

-0.31

-0.30

-16.10

-16.05

14.05

14.15

4.50

4.75

Second

0.41

0.42

-0.30

-0.28

-15.36

-15.28

14.26

14.42

1.50

1.75

Third

0.50

0.51

-0.25

-0.23

-14.66

-14.57

14.64

14.83

0.00

0.25

m/z

6.00

6.25

z/z

4.02

4.17

1.17

1.27

-12.85

-12.75

15.78

16.06

15.25

17.50

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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