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Overnight headlines 19/09/2012

Published Wednesday, September 19th, 2012

Good morning, 07:30 am London time

 

Nov Brent: 112.53 (0.50)

Oct WTI 95.91 (0.62)

Oct Gasoil: 984.25 (-4.25)

£/$: 1.6249

Euro/$ 1.3072

 

World News:  

-Asian stocks rose this morning after Bank of Japan increased asset purchases to stimulate growth.

-Chinese commerce ministry says export outlook looks weak and external demand in next months could be weaker than the first eight months.

-Chinese protests continue over dispute with Japan as angry demonstrators continue to force Japanese businesses to shut down.

-Romney struggles to explain his comments on 47% of Americans being too dependent on government.

-Investors increase pressure on Spain to request a bailout to start the ECB bond buying programme,  seen as inevitable by some.

 

Oil News:

-Brent trades below 112$ this morning as concerns over fragile state of global economy increase, and indications that Saudi Arabia is pumping more oil to bring down prices.

-US retail gasoline fell during the last two weeks as summer driving season comes to a close, according to report from MasterCard.

-Pemex spokesperson says death toll from fire at Tamaulipas gas plant rises to 26.

-Pemex spokesperson announced imports of natural gas from US have not been affected by fire at facility in Northern Mexico.

 

API’s

-Crude up 2.4M

-Gasoline up 135k

-Distillates down 1.1M

-Cushing down 705k

-Crude runs up 601k

 

Brent (+)

WTI (+)

WTI/Brent(+)

Gasoil Cracks (-)

Gasoil (+)

Front

0.58

0.59

-0.32

-0.31

-16.35

-16.32

18.98

19.10

4.00

4.25

Second

0.48

0.49

-0.29

-0.28

-15.50

-15.44

18.70

18.78

6.50

6.75

Third

0.48

0.49

-0.33

-0.32

-15.50

-15.44

18.70

18.78

4.50

4.75

z/m

3.11

3.14

-0.88

-0.85

33.50

34.00

z/z

6.27

6.33

0.78

0.88

45.75

47.00

*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.