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Overnight headlines 07/09/2012

Published Friday, September 7th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 113.51 (0.02)

Oct WTI 95.34 (-0.19)

Sep Gasoil: 983.75 (-7.00)

£/$: 1.5931

Euro/$ 1.2635

 

World News:  

-Asian stocks rose this morning after ECB unlimited bond buying announcement yesterday.

-China has approved 60 infrastructure projects in hopes of boosting Q4 worth $157 billion.

-Obama bases re-election campaign on hope, patience as he hits Romney as inexperienced.

-US nonfarm payrolls are expected to have fallen, according to Reuters, which might push the Fed into taking measures.

-Civilians in Aleppo, Syria, trapped as president Assad bombards by fighter jet and rebels attack with rifles.

 

Oil News:

-Hurricane Leslie may start heading towards southeast Bermuda.

-Phillips 66 has reported malfunction at its 100,000 bpd refinery in Ferndale, Washington.

-Delta Air lines is focused on buying cheaper Bakken crude oil to boost saving on jet fuel.

-Venezuela’s PDVSA hopes the New Orinoco oil belt production will reach 100,000 bpd this year.

 

Brent (-)

WTI (-)

WTI/Brent(-)

Gasoil Cracks (-)

Gasoil (+)

Front

0.40

0.42

-0.33

-0.32

-18.20

-18.14

18.54

18.60

-0.50

-0.25

Second

0.41

0.42

-0.33

-0.32

-17.49

-17.39

18.58

18.64

2.50

2.75

Third

0.36

0.37

-0.44

-0.43

-16.77

-16.65

18.36

18.40

4.50

4.75

z/m

2.57

2.61

-1.43

-1.39

28.75

29.50

z/z

5.45

5.54

0.11

0.21

38.75

40.75

*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.