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Overnight headlines 04/09/2012

Published Tuesday, September 4th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 115.86 (0.08)

Oct WTI 97.12 (-0.01)

Sep Gasoil: 1002.75 (1.25)

£/$: 1.5896

Euro/$ 1.2612

 

World News:  

-Asian stocks fall slightly as Moody’s Investor Service cuts European Union’s outlook ahead of policy maker’s meeting.

-Chinese Central Bank will inject $14.98 billion into money markets through 7 and 14 day bond reverse purchase agreements.

-The euro gains vs. yen this morning on speculation ECB’s Draghi might present bond buyout program from countries will financial woes.

-Leader of Hezbollah said Iran could hit US targets in Middle East if Israel where to strike on their nuclear facilities.

-South African police fires teargas and rubber bullets on striking miners as labour militancy continues.

 

Oil News:

-WTI trades at highest level in a week on speculation central banks will take steps to boost economy.

-Brent futures rises this morning in Asia as hopes for stimulus measures in EU and US central banks grows.

-Phillip 66’s 247,000 bpd refinery in Belle Chasse, Louisiana, reported oil leaking from storage facility.

-Libya will export their first 45,000 tonne fuel oil shipment from Ras Lanuf this week.

 

Brent (+/=)

WTI (+/=)

WTI/Brent (+)

Gasoil Cracks (+)

Gasoil (=)

Front

0.60

0.61

-0.30

-0.28

-18.72

-18.68

18.65

18.75

0.50

0.75

Second

0.52

0.53

-0.32

-0.31

-17.84

-17.78

18.65

18.79

4.25

4.50

Third

0.44

0.45

-0.42

-0.41

-16.99

-16.93

18.44

18.63

5.25

5.50

z/m

2.96

2.99

-0.93

-0.88

33.50

34.00

z/z

6.09

6.16

0.96

1.00

44.25

46.00

*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.