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Overnight news 19/06/2012

Published Tuesday, June 19th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 95.83 (-0.22)

July WTI 82.97 (-0.30)

July Gasoil: 841.50 (0.00)

£/$: 1.5687

Euro/$ 1.2604

 

World News:  

-Asian shares dip this morning as fears over Spain’s banking system continue and Greece’s election gets priced in.

-Spain’s borrowing costs rise to a new record yesterday, 41 basis points on the day to 7.29% as fears in Eurozone continue.

-German bonds steady at today’s open. Spanish bonds expected to remain under pressure ahead of bond auction today and on Thursday.

-Problems will continue in Egypt as both the military and Muslim Brotherhood claim victory in Sunday’s elections.

-8 Turkish soldiers killed and 15 wounded fighting with Kurdish militants in southeast Turkey.

-Religious clashes continue in Nigeria yesterday killing at least 52 people.

 

Oil News:

-Brent remains around $96, trading around 16 month lows at $95.86 this morning as fears rising debt cost will harm demand.

-Enbridge announces they will reverse Line 9 crude pipeline to allow Ontario and Quebec refineries access to lower cost Canadian feedstock.

-Iranian insurance companies will offer coverage for foreign oil tankers to continue shipping Iran’s oil after ban begins on July 1st.

-The American AAA announced motorists will travel in record numbers for Independence Day holiday as cheaper gasoline prices continue.

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

-0.05

-0.04

-0.32

-0.31

-12.61

-12.57

16.51

16.55

4.25

4.50

Second

0.11

0.12

-0.33

-0.32

-12.35

-12.27

16.09

16.21

2.25

2.50

Third

-0.04

-0.02

-0.31

-0.30

-11.93

-11.85

16.11

16.26

0.50

0.75

z/m

0.42

0.49

-1.10

-1.01

3.50

4.25

z/z

1.56

1.65

-0.97

-0.86

-11.29

-11.18

15.71

16.10

1.75

2.50

 

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.