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Overnight headlines 12/09/2012

Published Wednesday, September 12th, 2012

Good morning, 07:40 am London time

 

Oct Brent: 115.73 (0.35)

Oct WTI 97.23 (0.06)

Sep Gasoil: 1008.75 (12.25)

£/$: 1.6074

Euro/$ 1.2861

 

World News:  

-Asian stocks rise as speculation increases for China and the US to take stimulus measures increases.

-German constitutional court is set to approve Eurozone’s bailout fund while they safeguard German parliamentary sovereignty.

-Europe is aiming to create a banking union for the ECB to oversee bank operations to tackle financial and economic crisis in region.

-Obama and Netanyahu have met to discuss Iran’s atomic weapons program after Netanyahu’s comments yesterday.

 

Oil News:

-WTI trades near three week high as hopes for Chinese and US stimulus grows.

-Brent remains above $115 ahead of German constitutional court is set to approve bailout fund.

-Exxon Mobil reported maintenance on a unit in their Baytown, Texas complex.

-Phillips 66’s 247,000 bpd refinery in Sweeny, Texas reported benzene release from a thermal oxidizer.

-Japan’s commercial crude oil stocks rise 0.84M KL to 16.63 M in week to Sept 8.

-Japan’s gasoline stocks up 61k KL to 2.27 in week to Sept. 8.

 

API’s

-Crude up 221k

-Gasoline down 4.160M

-Distillates up 2.546M

-Cushing down 382k

-Runs down 550k

 

Brent (+)

WTI (=)

WTI/Brent(-)

Gasoil Cracks (+)

Gasoil (+)

Front

0.69

0.70

-0.33

-0.32

-18.53

-18.48

18.74

18.85

4.00

6.00

Second

0.50

0.51

-0.33

-0.32

-17.50

-17.45

18.81

18.94

4.75

5.00

Third

0.39

0.40

-0.43

-0.42

-16.67

-16.61

18.50

18.63

6.00

6.25

z/m

2.90

2.94

-1.25

-1.20

32.25

33.00

z/z

6.10

6.17

0.51

0.61

45.50

46.25

*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.