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Overnight headlines 29/08/2012

Published Wednesday, August 29th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 112.42 (-0.16)

Oct WTI 95.92 (-0.39)

Sep Gasoil: 981.00 (2.00)

£/$: 1.5815

Euro/$ 1.2556

 

World News:  

-A majority of Asian stocks rose this morning, and the euro and gold hold ahead of Bernanke’s monetary policy speech Friday at Jackson Hole.

-G7 leaders urged oil producing nations to raise output to ensure a well-supplied market, warning West was ready to tap strategic reserves.

-Category 1 storm Isaac gets closer to Gulf Coast and hit Louisiana yesterday as it passed through New Orleans.

-Catalonia has asked for a 5.023M euro bailout to the Spanish government with “no conditions”.

 

Oil News:

-WTI fell yesterday as Isaac makes landfall and reports show crude inventories rising the most since May.

-Phillips66 alliance refinery has lost power due to hurricane Isaac.

-Japanese naphtha stocks fall 0.14 mln kl to 1.64 mln in week to Aug 25. Gasoline stocks rise 57,000 kl to 2.20 mln kl in week to Aug 25.

-JP Morgan said it expects WTI-Brent spread to narrow to levels around -$6/bbl–$12/bbl by end of 2013.

 

API’s

Crude stocks up 5.464m

Gasoline stocks down 2.397m

Distillates stocks up 1.359m

Cushing down 377k

Crude runs down 172k

 

Brent (+/=)

WTI (+/=)

WTI/Brent (-)

Gasoil Cracks (+)

Gasoil (+/=)

Front

0.40

0.41

-0.30

-0.29

-16.51

-16.48

19.20

19.27

0.50

0.75

Second

0.37

0.38

-0.34

-0.33

-15.82

-15.76

18.96

19.07

4.50

4.75

Third

0.35

0.36

-0.41

-0.39

-15.11

-15.06

18.56

18.66

5.50

5.75

z/m

2.38

2.40

-0.47

-0.42

29.25

30.50

z/z

5.02

5.13

1.28

1.33

35.00

41.00

*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.