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Overnight headlines 06/09/2012

Published Thursday, September 6th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 113.62 (0.53)

Oct WTI 96.07 (0.71)

Sep Gasoil: 983.25 (1.75)

£/$: 1.5904

Euro/$ 1.2609

 

World News:  

-Asian shares pare early gains; the euro approaches two month high as investors wait for ECB meeting details.

-The ECB is set to announce Draghi’s proposal for bond purchase to reduce funding costs for certain European nations.

-Russia sees no signs of further nuclear weapons development on Iran’s nuclear programme.

-25 soldiers dead in Turkey after an explosion in an ammunition store.

 

Oil News:

-WTI rose after API’s show crude stocks fell to lowest level in more than five months.

-Brent rises above $113 today as investors await ECB announcement in hopes of a plan to tackle the euro crisis.

-MS sees 2013 average Brent price at $115.

-Hurricane Michael has intensified into a category 2 hurricane, located west-southwest of the Azores and expected to move northeast in the next 48 hours.

 

API’s

-Crude down 7.2M

-Gasoline down 2.283M

-Distillates down 132k

-Runs down 687k

-Cushing up 58k

 

Brent (-/=)

WTI (+)

WTI/Brent (+)

Gasoil Cracks (-)

Gasoil (+/=)

Front

0.39

0.40

-0.32

-0.31

-17.53

-17.49

18.25

18.35

0.00

0.25

Second

0.40

0.41

-0.34

-0.33

-16.83

-16.76

18.23

18.33

2.75

3.00

Third

0.36

0.37

-0.44

-0.43

-16.11

-16.04

17.99

18.12

4.50

4.75

z/m

2.53

2.55

-1.34

-1.29

28.00

28.50

z/z

5.32

5.37

0.29

0.44

36.25

40.25

*Spreads are firmer (+), weaker (-) or unchanged (=) from yesterday’s settlement 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.