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Overnight headlines 05/07/2012

Published Thursday, July 5th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 99.33 (-0.45)

Aug WTI 86.93 (-0.14)

July Gasoil: 875.25 (-1.50)

£/$: 1.5589

Euro/$ 1.2529

 

World News:  

-Asian stocks fall as global economy outlook continues to deteriorate before ECB’s policy meeting today.

-The ECB is expected to cut borrowing costs to record low today in aid of a deteriorating Eurozone economy.

-The Bank of England is expected to restart printing presses for a third round of economic stimulus today, after already injecting 325 billion pounds into economy.

-The euro was seen trading near one week lows ahead of ECB meeting today.

-France’s Hollande has announced a tax raise of 7.2 billion euros yesterday to fight against lack of economic growth.

 

Oil News:

-Brent and WTI start the day with a small fall as Eurozone worries continue, as factory orders in Germany survey according to Bloomberg may fall 6%.

-According to IIR figures, US oil refiners expect to have 727,000 bpd of capacity offline in week ending July 6, down from previous 732,000 bpd.

-Maersk Drilling will invest around $8 billion in buying 7 new oil rigs by 2017.

-Exxon Mobil reported a problem at their 560,640 bpd refinery in Baytown, Texas.

 

Brent (firmer)

WTI (=)

WTI/Brent (firmer)

Gasoil Cracks (firmer)

Gasoil (firmer)

Front

0.25

0.26

-0.36

-0.35

-12.44

-12.41

17.25

17.31

6.25

6.50

Second

0.32

0.33

-0.36

-0.34

-11.84

-11.80

16.97

17.07

3.75

4.00

Third

0.07

0.08

-0.41

-0.40

-11.17

-11.11

16.99

17.15

1.75

2.00

z/m

0.63

0.75

-1.12

-1.05

8.50

9.00

z/z

1.71

1.84

-0.65

-0.55

-10.22

-10.19

16.45

16.92

5.50

8.00

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.