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Overnight headlines 31/08/2012

Published Friday, August 31st, 2012

Good morning, 07:30 am London time

 

Oct Brent: 112.68 (0.03)

Oct WTI 94.66 (0.05)

Sep Gasoil: 984.25 (0.00)

£/$: 1.5792

Euro/$ 1.2517

 

World News:  

-Asian shares fall to a four week low, expectations are short as to Bernanke announcing another round of QE today in Jackson Hole.

-Chinese stocks are heading for the longest monthly losing period since 2004.

-All eyes on Bernanke as he might acknowledge another round of QE, but many analysts say he might stop short.

-Japan’s industrial output fell unexpectedly as factories cut exports to China and Europe, signalling possibility of economic contraction in 3Q.

 

Oil News:

-WTI Is set for first weekly drop since July as Gulf of Mexico output is almost restored and refiners will resume operations soon.

-Brent trades above $112 Friday, ahead of Bernanke speech, as crude is set for a second monthly gain.

-Exxon Mobil’s Chalmette refinery in Louisiana is checking systems and will be operational soon.

-Japan July crude oil imports down 2.4% year on year

-Japan July gasoline sales down 1.5% year on year.

-Japan July kerosene sales up 7.9% year on year.

 

Brent (+/=)

WTI (+/=)

WTI/Brent (=)

Gasoil Cracks (+)

Gasoil (=)

Front

0.44

0.45

-0.34

-0.33

-18.06

-18.02

19.27

19.31

0.75

1.00

Second

0.42

0.43

-0.35

-0.34

-17.29

-17.25

19.06

19.15

4.50

4.75

Third

0.38

0.39

-0.44

-0.43

-16.53

-16.50

18.69

18.77

6.00

6.25

z/m

2.47

2.52

-1.13

-1.10

32.00

33.00

z/z

5.14

5.16

0.10

0.12

41.75

43.25

*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.