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Overnight news 06/06/2012

Published Wednesday, June 6th, 2012

Good morning, 07:30 am London time

 

July Brent: 98.98 (0.16)

July WTI: 84.66 (0.35)

June Gasoil: 849.25 (1.25)

£/$: 1.5416

Euro/$ 1.2492

 

World News:  

-Spain announced its borrowing costs are becoming prohibitive due to the Eurozone crisis.

-Spain has asked Europe for help to revive its banks and recuperate access to credit markets.

-Asian shares rose this morning as hopes over Europe presenting new monetary stimulus measures increase.

-US drone attack in Pakistan killed top Al Qaeda figure, Abu Yahya al-Libi on Tuesday.

-The three drone strikes have killed 27 people, Pakistani intelligence officials say, increasing tensions between countries.

 

Oil News:

-Brent crude jumps briefly over $99 per bbl as US services sector data supports price and bullish crude stocks API’s.

-Canadian oil output is expected to rise to 500,000 bpd of production in 2020 to reach 4.7M bpd due to recent boom in light oil from shale

-The IEA said Tuesday that crude over $100 is still a threat to the global economy, although Brent fell to 16 month low this weekend.

-YPF announced they will need $7 billion a year to boost their natural gas and oil output by more than 25% in five years.

-Malasia’s 135,000 bpd Gumusut-Kapak deepsea oilfield has been delayed to the second half of 2013.

 

API’s

Crude down 1.765M

Gasoline up 1.4M

Distillates up 1.819M

Runs up 273K

Cushing up 929K

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

0.48

0.49

-0.27

-0.26

-14.32

-14.25

14.36

14.46

4.50

4.75

Second

0.31

0.32

-0.26

-0.25

-13.58

-13.49

14.59

14.73

1.75

2.00

Third

0.39

0.40

-0.25

-0.23

-13.03

-12.92

14.89

14.99

0.25

0.50

m/z

7.00

7.50

z/z

2.62

2.65

0.05

0.15

-11.49

-11.35

15.38

15.78

5.00

9.75

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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