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Overnight headlines 20/06/2012

Published Wednesday, June 20th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 95.92 (0.16)

Aug WTI 84.44 (0.11)

July Gasoil: 846.75 (1.75)

£/$: 1.5719

Euro/$ 1.2668

 

World News:  

-Asian shares rise to a monthly high after Japanese data suggested strong demand in region before Fed announcement.

-Spanish bond prices recover after yesterday’s auction allowed the government to meet its target.

-Egyptian’s Muslim Brotherhood rallied in Cairo demanding ruling generals to leave power after Sunday’s elections.

-Greek conservatives hope to create a coalitions today to persuade foreign lenders they will be able to push through the austerity measures.

 

Oil News:

-Brent trades around $96 as Spanish debt worries continue, although with an eye on the Fed’s policy meeting today.

-US crude remained around $84 after gaining a 0.9% in the previous session, as hopes for a Fed stimulus package grows.

-OPEC’s promise to maintain production as it is will produce a record supply of oil cargoes in Persian Gulf, as ship owners begin to demand more money after charter rates precipitated 76% in 11 weeks.

-Citgo’s 167,000 bpd refinery in Illinois reported equipment failure yesterday.

 

API’s

Crude down 550K

Gasoline up 1M

Distillates down 269K

Cushing up 625K

Runs down 9K

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

-0.22

-0.21

-0.33

-0.32

-11.50

-11.48

17.13

17.21

4.25

4.50

Second

-0.02

-0.01

-0.32

-0.31

-11.40

-11.35

16.60

16.70

2.25

2.50

Third

-0.15

-0.13

-0.37

-0.35

-11.11

-11.05

16.43

16.58

0.75

1.00

z/m

0.08

0.10

-1.00

-0.95

3.50

4.25

z/z

0.95

0.97

-0.92

-0.81

-10.62

-10.59

15.89

16.41

0.00

2.00

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.