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Overnight headlines 28/08/2012

Published Tuesday, August 28th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 112.31 (0.05)

Oct WTI 95.40 (-0.07)

Sep Gasoil: 979.75 (-3.00)

£/$: 1.5768

Euro/$ 1.2481

 

World News:  

-Asian stocks trade lower this morning as the Japanese government downgraded the outlook on their economy.

-ECB Asmussen announced yesterday the bond buying program would begin despite Bundesbank opposition.

-Asmussen says that the bond buying plan will not finance governments.

-Israeli court has ruled that Israel is not guilty in 2003 killing of US pro-Palestinian activist Rachel Corrie.

 

Oil News:

-WTI trades at a two week low as traders expect the Tropical Storm Isaac will have less than expected impact on production in the Gulf of Mexico.

-Brent falls yesterday as weak German business sentiment hits the market.

-Gasoline trades around four month high after fire in Venezuelan refinery kills around 48 people, as a third storage tank caught fire.

-Japan’s 100,000 bpd Nansei Sekiyu refinery will restart operations on August 31 after typhoon.

 

Brent (-/=)

WTI (+/=)

WTI/Brent (-)

Gasoil Cracks (-)

Gasoil (+)

Front

0.54

0.55

-0.33

-0.32

-16.87

-16.80

19.13

19.25

0.25

0.50

Second

0.43

0.44

-0.37

-0.36

-16.02

-15.92

19.05

19.17

4.75

5.00

Third

0.38

0.39

-0.44

-0.42

-15.21

-15.12

18.66

18.78

6.25

6.50

z/m

2.57

2.60

-0.53

-0.47

33.75

35.25

z/z

5.16

5.32

1.12

1.25

44.50

46.25

*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.