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Overnight headlines 11/09/2012

Published Tuesday, September 11th, 2012

Good morning, 07:30 am London time

 

Oct Brent: 114.44 (-0.37)

Oct WTI 96.14 (-0.41)

Sep Gasoil: 984.50 (-3.75)

£/$: 1.6011

Euro/$ 1.2776

 

World News:  

-Asian stocks fall this morning due to European debt crisis as investors wait and hope for a Federal Reserve economic stimulus boost.

-US and Israel are in disagreement over Netanyahu’s aim to set “red lines” to deal with Iran’s nuclear activities and set deadlines.

-Chinese Banks have extended 703.9 billion Yuan in new loans in August. Chinese total social financing aggregate stood at 1.24 trillion Yuan in August.

-Moody’s has downgraded the State of South Australia to AA1.

 

Oil News:

-Brent has eased this morning, although trading above $114, as profit taking takes the scene.

-China has increased diesel and gasoline prices for second time in a month as rising crude costs threaten the country’s largest profits for oil refiners.

-Tropical storm Leslie will arrive in Newfoundland today, where it could cause flooding rains and storm surge, according to Canadian forecasters.

-Flint Hills reported flaring at their 284,172 bpd refinery in Corpus Christi, Texas.

-China Aug crude oil output up 2.5% on year at 17.53M tonnes.

 

Brent (-)

WTI (=)

WTI/Brent(-)

Gasoil Cracks (-)

Gasoil (-/=)

Front

0.45

0.46

-0.34

-0.33

-18.31

-18.27

18.00

18.11

-2.75

-2.50

Second

0.45

0.46

-0.34

-0.33

-17.53

-17.47

18.20

18.31

2.00

2.25

Third

0.37

0.38

-0.46

-0.44

-16.75

-16.66

18.07

18.18

4.50

4.75

z/m

2.81

2.84

-1.42

-1.38

28.50

29.00

z/z

5.80

5.89

0.19

0.31

40.00

41.75

*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.