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Overnight headlines 10/07/2012

Published Tuesday, July 10th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 98.49 (-1.83)

Aug WTI 84.88 (-1.17)

July Gasoil: 868.25 (-5.75)

£/$: 1.5515

Euro/$ 1.2303

 

World News:  

-Asian stocks continue to fall this morning as Chinese trade data adds to signs of a slowing global economy.

-The EU will speed up as much as $123 billion in loans to Spanish banks to reduce soaring borrowing costs for the nation.

-The Federal Reserve of New York was in talks as early as 2007 about Libor flaws with the British authorities.

-Obama is aiming to reduce fiscal charges on the middle class and elevate those on the rich.

 

Oil News:

-Brent crude drops almost $2 as Norway government ends energy strike averting possible lockout.

-China’s General Administration of Customs shows nation’s net crude imports down to 5.28M bpd in June, lowest figure since December.

-Money managers raised their net long positions across 18 US futures and options by about 33% during the past week.

 

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.