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Overnight headlines 18/07/2012

Published Wednesday, July 18th, 2012

Good morning, 07:30 am London time

 

Sep Brent: 103.60 (-0.40)

Aug WTI 88.91 (-0.31)

Aug Gasoil: 895.50 (1.00)

£/$: 1.5656

Euro/$ 1.2295

 

World News:  

-Asian currencies climb as investors hope for more economic stimulus by Bernanke and China today, although uncertain.

-The US and 20 allies will carry on a minesweeping exercise in the Middle East in September as tension builds over Iran’s sanctions to nuclear program.

-North Korean leader Kim Jong-un has been named top military rank, aiming to cement his power.

-The terrible drought – the worst in 50 years – continues in Midwest US, adding concerns to the country’s exports of corn.

-Bank of France’s Noyer said France could reach a 1% growth in 2013 if it adheres to the deficit reduction strategy.

 

Oil News:

-WTI and Brent drop this morning as concern on global economy continues, ahead of Bernanke announcement later today.

-China’s refined fuel stocks for June at 770,000 tonnes higher year on year, while diesel 560,000 tonnes higher.

-Petrobras to bring units back into operation after power outage at its 100,000 bpd refinery in Pasadena, Texas.

-Following the November spill, Chevron is allowed by Brazilian regulator ANP to restart production at the field off of Rio de Janeiro.

 

API’s

Crude down 2M

Gasoline down 116K

Distillates up 3.3M

Runs down 247K

Cushing down 451K

 

Brent (+/=)

WTI (+/=)

WTI/Brent (+/=)

Gasoil Cracks (+)

Gasoil (+)

Front

0.59

0.60

-0.33

-0.32

-14.35

-14.34

16.43

16.52

1.50

1.75

Second

0.33

0.34

-0.32

-0.30

-13.47

-13.42

16.68

16.84

2.25

2.50

Third

0.29

0.30

-0.37

-0.36

16.63

16.85

2.50

2.75

z/m

1.54

1.60

-1.29

-1.23

12.50

13.50

z/z

3.01

3.07

-0.79

-0.70

-12.03

-12.00

16.51

16.75

14.00

15.50

*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.