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Overnight headlines 13/07/2012

Published Friday, July 13th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 101.48 (0.41)

Aug WTI 86.28 (0.20)

Aug Gasoil: 879.50 (13.50)

£/$: 1.5431

Euro/$ 1.2204

 

World News:  

-Asian stocks rise this morning as lower than expected Chinese GDP adds pressure to government to add monetary easing and increase investment.

-Moody’s downgrades Italy’s rating by two notches to Baa2, ahead of debt sale later on today.

-More than 200 dead in Syrian city of Hama when it was bombarded by helicopter gunships and tanks, as military followed them inside.

-Skilled Americans are seen to be going to Canada in greater numbers driven by unemployment at home and job shortages in energy sector in Alberta, among others.

 

Oil News:

-Brent trades around one week high as China is expected to use stimulus to boost economy and US tightened sanctions on Iran.

-Obama increases pressure on Iran by sanctioning the National Iranian Tanker Co. and another four tanker firms.

-Chinese June oil demand fell 0.4% year on year and crude runs fall for 3rd month as growth was seen slowing.

-Phillips 66 has reported planned flaring at their 139,000 bpd refinery in Wilmington, California.

-June delivery CARBOB finished 12 cents a gallon over Nymex RBOB Thursday on rumours that a LA refinery’s gasoline producing unit was shut.

 

Brent (+)

WTI (+/=)

WTI/Brent (-)

Gasoil Cracks (=)

Gasoil (+)

Front

0.72

0.73

-0.38

-0.37

-15.24

-15.21

16.55

16.62

2.75

3.00

Second

0.56

0.57

-0.35

-0.34

-14.15

-14.10

16.89

16.96

3.00

3.25

Third

0.24

0.25

-0.43

-0.42

-13.25

-13.18

17.01

17.10

3.00

3.25

z/m

1.06

1.07

-1.65

-1.61

9.75

10.50

z/z

2.39

2.43

-1.30

-1.24

-11.85

-11.77

16.69

16.79

9.00

10.75

 

*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.