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Overnight headlines 17-07-2012

Published Tuesday, July 17th, 2012

Good morning, 07:30 am London time

 

Sep Brent: 103.15 (-0.22)

Aug WTI 88.13 (-0.30)

Aug Gasoil: 891.25 (1.75)

£/$: 1.5662

Euro/$ 1.2297

 

World News:  

-Asian stocks advance this morning as negative US retail sales increase hopes for further US stimulus today by Bernanke.

-US Midwest is still suffering from a strong heat wave, boosting fears that crop losses will increase food and fuel prices as it decreases exports.

-US naval vessel fires on a motor boat off the coast of Dubai killing one as it ignored signs not to approach.

-IMF cuts global economic growth forecast Monday and warns Eurozone members to act against their region’s debt crisis.

 

Oil News:

-Oil trades near seven week high as speculation about Iran tensions building and a decrease in US stockpiles lifts the market.

-Asian sweet crude demand could falter in September refineries come into maintenance.

-China can provide insurance guarantees to their tankers carrying Iranian oil, following Japan’s actions.

 

Brent (+)

WTI (+)

WTI/Brent (+)

Gasoil Cracks (-/=)

Gasoil (=)

Front

0.54

0.55

-0.38

-0.37

-14.57

-14.54

16.34

16.44

0.25

0.50

Second

0.26

0.27

-0.35

-0.34

-13.70

-13.64

16.66

16.83

1.25

1.50

Third

0.23

0.25

-0.42

-0.40

16.65

16.88

1.75

2.00

z/m

1.26

1.28

-1.60

-1.55

10.75

11.75

z/z

2.86

2.87

-1.09

-0.99

-12.30

-12.24

16.59

16.71

11.00

12.50

*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.