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Overnight headlines 09/07/2012

Published Monday, July 9th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 98.51 (0.32)

Aug WTI 84.65 (0.20)

July Gasoil: 869.75 (1.00)

£/$: 1.5475

Euro/$ 1.2273

 

World News:  

-Asian stocks fall this morning as Chinese Premier Wen Jiabao says the nation’s economy faces downward pressure.

-Chinese inflation fell to a 29 month low as consumer and producer price indexes ease more than expected in June.

-Bank of America and Goldman Sachs said a weaker than expected June jobs gain in US could lead the Federal Reserve to keep its interest rate at nearly zero until 2015.

-Euro hits two year low ahead of finance ministers meeting in Brussels to discuss the crisis.

 

Oil News:

-Norway’s strike continues as state mediator fails to reach an agreement that would prevent cutting all offshore oil and gas production.

-Iran’s Oil, Gas and Petrochemical Products Exporters’ Association will ship around 500,000 bpd according to Iranian news agency, to help bypass EU sanctions.

-Citgo’s 167,000 bpd refinery in Lemont, Illinois reported compressor shutdown.

-Bad weather shuts Iraq’s Basra exporting terminals on Sunday.

 

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.