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Overnight headlines 03/07/2012

Published Tuesday, July 3rd, 2012

Good morning, 07:30 am London time

 

Aug Brent: 98.06 (0.71)

Aug WTI 84.36 (0.60)

July Gasoil: 861.00 (12.00)

£/$: 1.5691

Euro/$ 1.2581

 

World News:  

-Asian stocks rose this morning for a fifth day on expectations central banks from Europe and US may ease monetary policy.

-Secretary of State Clinton said Iran will be facing increasing pressure from economic sanctions against their nuclear program.

-Mexico’s losing leftist candidate Lopez Obrador announces he will call off rival PRI’s victory from Enrique Pena Nieto.

-Jobless rate in Eurozone rose to a record high in May, adding to the continuing fear that Eurozone troubles far from over.

-A new earthquake was felt in Tokyo, Japan, of 5.4, but no Tsunami warning issued.

 

Oil News:

-Oil rebounds in New York on Iran oil sanctions and rumours that central banks from Europe and China may ease monetary policy.

-Saudi Arabia announced they will raise for a second consecutive month prices for most of crudes they sell to Asia in August.

-Oversupply of VLCC’s in Asia causes rates to fall to 2012 lows, Chinese demand is overshadowed.

-Exxon reports planned flaring at its 149,500 bpd Torrance, California refinery.

-Iran’s National Security Committee drafted a bill asking government to stop oil tankers from shipping crude through the Strait of Hormuz.

 

Brent

WTI

WTI/Brent

Gasoil Cracks

Gasoil

Front

0.25

0.27

-0.40

-0.39

-13.78

-13.74

16.77

16.88

5.25

5.50

Second

0.32

0.33

-0.38

-0.37

-13.15

-13.07

16.61

16.72

3.25

3.50

Third

0.13

0.14

-0.43

-0.42

-12.45

-12.34

16.65

16.86

1.50

1.75

z/m

0.52

0.56

-1.58

-1.48

5.25

6.00

z/z

1.47

1.59

-1.24

-1.12

-11.33

-11.22

16.48

16.81

3.25

5.00

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.