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Overnight news 24/08/2012

Published Friday, August 24th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 114.43 (-0.58)

Oct WTI 95.67 (-0.60)

Sep Gasoil: 984.25 (-11.25)

£/$: 1.5857

Euro/$ 1.2559

 

World News:  

-Asian stocks drop this morning as signs of a stalling US economy hit the market and lack of action from European leaders.

-Meetings between Merkel, Hollande and Samaras will take place today, tomorrow as leaders add pressure on Greece to generate new measures.

-German parliament leader Kauder announced this morning that neither terms nor content of Greek rescue can be negotiated.

-North Korea announced they do want a peace treaty with US as they have not conducted 3rd nuclear test. The country leader has requested a state visit to Beijing in September.

 

Oil News:

-Brent slips below $115 as economic weakness floods the market after negative US jobless claims but eyes on production cuts in the NSea and Middle East tensions.

-Exxon’s 344,500 bpd Beaumont refinery reported flaring earlier today.

-Tropical storm Isaac is set to hit Haiti and Dominican Republic today, as it continues its way up to Florida.

-YPF is planning to drill 250 exploratory wells by 2016 in an aim to increase oil and gas output.

 

Brent (+/=)

WTI (+/=)

WTI/Brent (-)

Gasoil Cracks (-)

Gasoil (+)

Front

0.76

0.77

-0.34

-0.33

-18.82

-18.77

17.69

17.75

-0.50

-0.25

Second

0.58

0.59

-0.39

-0.37

-17.74

-17.66

17.96

18.06

3.50

3.75

Third

0.48

0.49

-0.45

-0.43

-16.77

-16.70

17.89

17.96

4.75

5.00

z/m

2.97

3.01

-0.59

-0.55

30.00

30.75

z/z

5.87

5.99

1.20

1.26

40.00

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.