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Overnight headlines 11/07/2012

Published Wednesday, July 11th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 98.45 (0.46)

Aug WTI 84.50 (0.59)

July Gasoil: 872.25 (-3.25)

£/$: 1.5524

Euro/$ 1.2259

 

World News:  

-Asian stocks continue to fall as global economic slowdown continues to threaten and on-going European crisis.

-Italy is said to be looking at Eurozone aid to ease its borrowing costs, as markets keep adding pressure to the Euro.

-Miner protests in Spain have reached the capital, where rallies are expected this week.

-Polls show Obama expanding his lead over Republican Romney by  6 percentage points, as voters feel optimistic about economic recovery.

 

Oil News:

-WTI rebounds from lowest close in a week as stockpiles decline in US.

-A South Sudanese crude shipment worth $60M is being held near Singapore as Northern neighbours argue as to who is the rightful owner.

-A CFTC rule approving swap definitions will increase collateral requirements and boost public trading of products including credit, interest-rate, commodity and others.

-Exxon reports unit shutdown at their 344,500 bpd refinery in Beaumont, Texas.

 

API’s

-Crude down 695K

-Gasoline up 2.5M

-Distillates down 717K

-Cushing down 909K

-Runs down 16K

 

Brent (+)

WTI (+/=)

WTI/Brent (+/=)

Gasoil Cracks (-)

Gasoil (-/=)

Front

0.44

0.45

-0.38

-0.37

-13.78

-13.74

17.38

17.43

6.00

6.25

Second

0.43

0.44

-0.37

-0.36

-12.97

-12.94

17.24

17.32

4.25

4.50

Third

0.14

0.15

-0.44

-0.43

-12.19

-12.12

17.21

17.33

3.25

3.50

z/m

0.70

0.72

-1.45

-1.42

8.75

9.25

z/z

1.76

1.78

-1.13

-1.10

-11.02

-10.96

16.70

16.76

8.25

9.00

 

 

*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.