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Overnight headlines 12/07/2012

Published Thursday, July 12th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 99.85 (-0.38)

Aug WTI 85.39 (-0.42)

July Gasoil: 871.75 (-0.25)

£/$: 1.5499

Euro/$ 1.2228

 

World News:  

-Asian stocks fall again today as South Korea cut interest rates and Australia’s jobless rate rose, adding concerns to global economy.

-Spanish government announced VAT increase to 21%, among other measures to save up to 65M euros in two years.

-US state attorneys general are getting involved in the Libor scandal, as the Fed releases documents Friday revealing Libor discussions.

-Peugeot Citroen announces another 8000 new job cuts due to production slump.

-Syrian ambassador in Iraq has announced by video statement that he has joined the revolution.

 

Oil News:

-The loading volume for four benchmark North Sea crude oil streams is expected to fall to record low in August.

-WTI trades near two day high as US stockpiles fall and refinery runs increase.

-Total’s Port Arthur refinery reports leaking into cooling water circuit.

-Enbridge announced line 5 Hydro testing from the 491,000 bpd line to expand it by 50,000 bpd.

 

 

Brent (+)

WTI (+/=)

WTI/Brent (-)

Gasoil Cracks (-)

Gasoil (-)

Front

0.79

0.81

-0.38

-0.37

-14.48

-14.40

16.67

16.79

2.75

3.25

Second

0.55

0.56

-0.37

-0.36

-13.32

-13.24

17.05

17.16

2.75

3.00

Third

0.21

0.22

-0.45

-0.44

-12.42

-12.30

17.19

17.38

2.75

3.00

z/m

0.89

0.92

-1.45

-1.41

9.50

10.50

z/z

2.00

2.11

-1.13

-1.04

-11.09

-11.02

16.80

17.09

9.25

10.50

 

 

*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.