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Overnight headlines 16/07/2012

Published Monday, July 16th, 2012

Good morning, 07:30 am London time

 

Aug Brent: 102.40 (0.00)

Aug WTI 86.78 (-0.32)

Aug Gasoil: 882.00 (2.25)

£/$: 1.5566

Euro/$ 1.2240

 

World News:  

-Asian stocks rise as China’s Premier said they will increase measures to support growth.

-Euro trades around a two year low before reports are out this week that may show weakening confidence in the Eurozone.

-The Fed’s Bernanke will present a semi-annual monetary policy report to Congress on Tuesday and Wednesday which might see further QE.

-Spanish government reforms will remove 56.4 billion euros from the public deficit in almost three years.

-Syrian fighting between opposition fighters and government in Damascus seen as fiercest inside the capital.

 

Oil News:

-Abu Dhabi has begun exporting crude from the 423km pipeline that bypasses the Strait of Hormuz to Pakistan.

-Speculators raised their bullish commodity bets above 1M contracts across 18 US futures and options, around 8.9%.

-Average gasoline price at stations in US fell 6.77 cents in the past three weeks according to Lundberg Survey.

-Exxon Mobil has shown interest in exploration in Afghanistan, which could prompt other companies to follow.

 

Brent (+)

WTI (+)

WTI/Brent (-)

Gasoil Cracks (+/=)

Gasoil (-)

Front

1.08

1.11

-0.39

-0.38

-16.35

-15.31

16.82

16.87

1.25

1.50

Second

0.59

0.60

-0.35

-0.34

-14.17

-14.10

17.11

17.26

1.75

2.00

Third

0.26

0.27

-0.43

-0.41

-13.24

-13.14

17.06

17.23

2.25

2.50

z/m

1.10

1.20

-1.61

-1.54

10.50

12.00

z/z

2.56

2.74

-1.14

-1.02

-11.81

-11.72

16.49

17.26

10.50

12.00

 

*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.