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Overnight headlines 23/08/2012

Published Thursday, August 23rd, 2012

Good morning, 07:30 am London time

 

Oct Brent: 115.82 (0.91)

Oct WTI 98.13 (0.87)

Sep Gasoil: 992.75 (7.75)

£/$: 1.5894

Euro/$ 1.2529

 

World News:  

-Asian stocks rise and gold climbs to 16 week high as speculation that central banks in US and China will ease monetary policy.

-HSBC’s preliminary PMI for China is at 47.8, contracting after July’s 49.3, sparking more hopes the central bank will add stimulus.

-German Q2 final GDP confirmed at 0.3% quarter to quarter, up 0.5 year on year. Exports are up 2.5% quarter to quarter.

-Juncker keeps Greek hopes of getting two years extension on bailout but warns this is last chance.

 

Oil News:

-WTI rose yesterday after stockpiles declined more than expected and Brent rose as well as hopes increase for central banks from US and China will boost stimulus.

-Tropical Storm Isaac is expected to hit Haiti and Cuba in the next few days before arriving in south-western Florida August 27.

-South Korea imported Iranian crude in July due to loading troubles for shipments due June, despite July ban to import crude from Iran.

-Japan is expected to see warmer weather from September to November possibly increasing electricity and gasoline demand for air conditioning.

-The SEC announced they will require listed oil, gas and mining companies to reveal payments to foreign governments including drilling and exploration licenses to minimize bribery and corruption risks.

 

Brent (+)

WTI (-)

WTI/Brent (-)

Gasoil Cracks (+)

Gasoil (=)

Front

0.59

0.60

-0.33

-0.32

-17.73

-17.69

17.58

17.66

-1.50

-1.25

Second

0.48

0.50

-0.37

-0.35

-16.83

-16.79

17.78

17.92

2.50

2.75

Third

0.42

0.43

-0.43

-0.42

-15.99

-15.92

17.73

17.85

4.00

4.25

z/m

2.80

2.82

-0.43

-0.37

28.50

29.00

z/z

5.87

5.93

1.62

1.73

39.50

41.25

*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.