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Overnight headlines 05/09/2012

Published Wednesday, September 5th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 113.95 (-0.23)

Oct WTI 95.21 (-0.09)

Sep Gasoil: 987.25 (-10.75)

£/$: 1.5871

Euro/$ 1.5239

 

World News:  

-Asian stocks fell as economic reports from China and a declining manufacturing index in the US add fears that global growth is slowing.

-Pressure increases on ECB as euro falls again for action to limit the excess borrowing costs.

-A gunman has killed one person at the Quebec separatist party headquarters after a narrow win.

 

Oil News:

-WTI and Brent traded near lowest price in a week as Manufacturing in the US contracted.

-US Justice Department is verbally accusing BP PLC for the massive 2010 oil spill describing in new court papers the “gross negligence” carried on by the company.

-Venezuela’s Amuay refinery will return to full capacity in a few days after restarting of some distillation units has already begun.

-Japanese ruling party draft a manifesto calling for a quick exit from their dependence on nuclear energy.

-Japan’s commercial crude oil stocks fall 0.82M KL to 15.79M in week to Sept 1.

-Japan’s gasoline stocks up 8,000 KL to 2.21M.

-Japan’s naphtha stocks fall 0.18 M KL to 1.46M.

 

Brent (+/=)

WTI (+/=)

WTI/Brent (+)

Gasoil Cracks (-)

Gasoil (-)

Front

0.52

0.53

-0.34

-0.33

-18.76

-18.72

18.46

18.52

0.25

0.50

Second

0.51

0.53

-0.35

-0.34

-17.91

-17.85

18.54

18.63

3.00

3.25

Third

0.44

0.46

-0.45

-0.43

-17.05

-16.99

18.35

18.46

5.00

5.25

z/m

2.89

2.94

-1.29

-1.26

31.75

32.50

z/z

5.79

5.89

0.18

0.21

40.25

42.75

*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.