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Overnight headlines 27/06/2012

Published Wednesday, June 27th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 92.77 (-0.26)

Aug WTI 79.19 (-0.17)

July Gasoil: 825.25 (6.50)

£/$: 1.5630

Euro/$ 1.2490

 

World News:  

-Asian stocks rose today due to speculation that China will add to economic stimulus.

-The Euro does not follow suite and falls as investors expect no definite solution in this week’s European summit.

-Spain pays highest short term debt yield since last November.

-Merkel finishes with speculation of common Eurozone bonds saying Europe will not share total debt liability.

 

Oil News:

-US oil trades below $80 on the back of rising US crude stockpiles.

-Brent crude reversed its initial losses and follows equities; Brent premium to WTI widened the most in four months.

-Iran oil exports are set to gradually decrease as maintenance on fields will begin on fields and reservoirs as EU embargo starts.

-Coryton UK oil refinery has been sold to use as an import terminal to three different users, including Shell, Royal Vopak and Greenergy.

 

API’s

Crude up 507K

Gasoline up 373K

Distillates down 1.021M

Runs up 144K

Cushing down 682K

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

-0.16

-0.15

-0.41

-0.40

-13.67

-13.62

17.24

17.31

5.25

5.50

Second

0.11

0.12

-0.39

-0.38

-13.40

-13.35

16.61

16.73

3.25

3.50

Third

-0.07

-0.06

-0.43

-0.42

-12.91

-12.85

16.64

16.80

0.50

0.75

z/m

-0.21

-0.15

-1.87

-1.82

1.75

2.00

z/z

0.51

0.60

-2.19

-2.04

-12.21

-12.12

16.33

16.57

-4.25

-4.00

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.