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Overnight headlines 03/09/2012

Published Monday, September 3rd, 2012

Good morning, 07:30 am London time

 

Oct Brent: 114.33 (-0.24)

Oct WTI 96.32 (-0.13)

Sep Gasoil: 993.25 (-2.00)

£/$: 1.5857

Euro/$ 1.2565

 

World News:  

-Asian stocks trim earlier losses as reports from certain Asian countries add to hopes of central bank stimulus.

-Gold trades around a five-month high as hopes for further stimulus increase after Bernanke’s speech Friday due to a gloomy take on economy.

-European carmakers might have to shut plants and lay off staff as they are set to emulate Detroit.

-Five people killed in a suicide bombing in Pakistan city of Peshawar, among which are two Americans.

-Syrian rebel forces entered army headquarters in Damascus and planted bombs.

 

Oil News:

-WTI falls after biggest monthly gain and Brent falls to just above $114 as Chinese manufacturing contracted in China and crude production slowly resumes after Isaac.

-US Offshore Energy Agency says just under 1M bpd or 71.50% of crude from Gulf of Mexico still shut.

-Libya’s NOC said oil and gas revenues will total $54.9 billion.

-Japan’s JX refinery restarts their 136,000 bpd Oita CDU.

 

Brent (+/=)

WTI (-/=)

WTI/Brent (+)

Gasoil Cracks (=)

Gasoil (-/=)

Front

0.52

0.54

-0.31

-0.30

-18.02

-18.01

18.87

18.95

0.25

0.50

Second

0.45

0.46

-0.33

-0.32

-17.20

-17.15

18.80

18.89

4.25

4.50

Third

0.41

0.42

-0.43

-0.41

-16.42

-16.38

18.50

18.64

5.25

5.50

z/m

2.79

2.87

-1.03

-0.97

32.75

33.25

z/z

5.75

5.90

0.55

0.67

42.50

45.50

*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.