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Overnight headlines 06/07/2012

Published Friday, July 6th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 100.00 (-0.70)

Aug WTI 86.40 (-0.82)

July Gasoil: 882.25 (-6.75)

£/$: 1.5518

Euro/$ 1.2376

 

World News:  

-Asian stocks fall for a second day, euro has worst week in 2012 after interest rate cuts in Europe and China fail to ease investors.

-Monti will remove 1 in 10 government workers and will reduce the number of provinces from 110 to 50, in a move aimed to save 26.000 million euros.

-US Labour Department is expected to present non-farm payroll figures expanding by 90,000 jobs in June, taking US economy into low gear.

-El Assad’s most important general is said to have fled to Turkey in highest profile leave from government.

-US Climate Prediction Centre says El Nino may form between now and September, as hurricane season reaches its most active phase.

 

Oil News:

-Brent and WTI lose ground this morning after interest rates cuts fail to remove doubts that economies will continue to grow and support demand.

-Analysts expect the Norwegian government to act before offshore workers go into complete lockout to shut production.

-Iran will ship a maximum of 1.1M bpd in July, halving 2011 average, and sees more than $3 billion in lost revenue each month.

-South Korea has been seen importing around 30,000 tonnes of diesel from Japan.

 

Brent (+)*

WTI (=/+)

WTI/Brent (-)

Gasoil Cracks (+)

Gasoil (+)

Front

0.36

0.37

-0.35

-0.34

-13.59

-13.52

17.44

17.53

7.00

7.25

Second

0.34

0.35

-0.36

-0.35

-12.87

-12.79

17.22

17.31

4.00

4.25

Third

0.10

0.11

-0.43

-0.41

-12.19

-12.08

17.15

17.30

2.75

3.00

z/m

0.68

0.77

-1.36

-1.29

8.50

9.25

z/z

1.85

1.90

-0.94

-0.76

-11.15

-11.02

16.45

16.81

9.00

10.25

 

*Spreads are firmer (+), weaker (-) or unchanged (=) from yesterday’s values.

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.