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Overnight news 22/082/2012

Published Wednesday, August 22nd, 2012

Good morning, 07:30 am London time

 

Oct Brent: 114.60 (-0.04)

Oct WTI 96.77 (-0.07)

Sep Gasoil: 985.25 (-3.50)

£/$: 1.5779

Euro/$ 1.2466

 

World News:  

-Asian stocks dropped this morning as Japan exports decrease creating a larger trade deficit at $6.5 billion in July.

-Jean Claude Juncker will visit Athens today to listen to Greece’s PM Samaras requesting a two year extension on their fiscal program.

-Russia’s foreign minister Lavrov warned the West on Tuesday against unilateral action against Syria.

-A top Romney adviser said Bernanke should get “every consideration” for a third term.

 

Oil News:

-WTI trades near three month high after crude stockpiles decline 6M bbls.

-South Sudan sees crude exports to restart in December after they reach a deal with Sudan.

-Goldman Sachs announced the increasing spread between WTI and Brent will not continue widen as shipments into Cushing will slow down.

-Japan LNG imports rose 11.6% in July being the 16th straight monthly rise.

-BP reports maintenance on its 406,570 bpd gasoline making refinery in Texas City.

-Tropical Storm Isaac formed in Atlantic Ocean yesterday and is expected to strengthen into a hurricane later this week hitting most of the Caribbean.

 

API’s

Crude down 6M

Gasoline up 869k

Distillates down 1M

Cushing down 5k

Crude runs down 73K

 

Brent (-)

WTI (+)

WTI/Brent (-)

Gasoil Cracks (-)

Gasoil (-/=)

Front

0.56

0.57

-0.31

-0.30

-17.82

-17.77

17.71

17.76

-1.00

-0.75

Second

0.41

0.42

-0.36

-0.35

-16.96

-16.88

17.89

17.99

2.75

3.00

Third

0.40

0.41

-0.42

-0.41

-16.19

-16.11

17.79

17.84

4.00

4.25

z/m

2.60

2.65

-0.67

-0.62

27.25

28.00

z/z

5.31

5.35

0.98

1.06

38.00

39.00

*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.