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Overnight headlines 12/06/2012

Published Tuesday, June 12th, 2012

Good morning, 07:30 am London time

 

July Brent: 97.16 (-0.84)

July WTI 81.65 (-1.05)

July Gasoil: 838.25 (-7.75)

£/$: 1.5490

Euro/$ 1.2489

 

World News:  

-Eurozone members discuss limits on withdrawals from ATM’s, imposing border checks and Eurozone capital controls if Greece were to leave the euro.

-Most European shares open down this morning following poor performance in both the US and Asia.

-Protest rally in Moscow against Putin today will test ability of opposition to create pressure.

-India’s industrial output growth nearly stalled in April compared year on year, at just 0.1%.

 

Oil News:

-The US allows India, South Africa, Turkey and South Korea among others to import Iranian crude without penalties.

-Brent and WTI fall yesterday as Spanish bailout loses steam and the Saudi oil minister says OPEC may need to produce a higher quota.

-Singapore announced they have not been importing any Iranian crude oil in May.

-Sinopec said they will not raise Iranian crude oil imports even if offered at a discount as US ties are very important.

-Company suggest they will cut 2012 Iranian oil imports by 16-20% from previous year.

-Delek Holdings announced malfunction at its 60,000 bpd Tyler, Texas refinery due to sulphur dioxide emissions.

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

0.23

0.24

-0.32

-0.31

-15.51

-15.42

15.41

15.54

5.50

6.50

Second

0.08

0.09

-0.31

-0.30

-14.97

-14.86

15.23

15.41

2.75

3.00

Third

0.25

0.26

-0.34

-0.32

-14.60

-14.47

15.24

15.45

0.50

0.75

m/z

8.00

9.25

z/z

1.60

1.69

-1.79

-1.65

-13.15

-13.00

15.78

16.32

1.25

1.50

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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