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Overnight headlines 20/09/2012

Published Thursday, September 20th, 2012

Good morning, 07:30 am London time

 

Nov Brent: 107.79 (-0.40)

Nov WTI 91.25 (-1.05)

Oct Gasoil: 954.00 (-4.25)

£/$: 1.6203

Euro/$ 1.3003

 

World News:  

-Asian stocks fall this morning as Chinese manufacturing contracted and Japanese exports drop.

-HSBS’s China September flash PMI up to 47.8 vs an August reading of 47.6.

-HSBC’s China September flash PMI manufacturing output at 10 month low of 47.

-Spain’s 10 year borrowing costs likely to fall at auction today but remain high as PM Rajoy is stalling before asking for a rescue.

-A financial service industry group has warned US banks, brokerages, and insurers to be alert for cyber-attacks after BoA and JPM experienced problems at their public websites.

 

Oil News:

-October WTI dips more than $1 on the back of negative Chinese manufacturing data and the possibility of Saudi’s increasing production to lower prices.

-Valero’s 156,000 bpd refinery McKee, in Texas has reported planned maintenance.

-Fire broke out in two naphtha storage tanks after lightning struck in Venezuelan refinery El Palito. No injuries seen and production has not been hit according to Minister.

-Argentina will put forth a sliding scale tax to biodiesel exports.

 

-Japan crude stocks up 0.65M to 17.28 M KL.

-Japan gasoline stocks up 23,000 KL to 2.30 M KL.

-Japan naphtha stocks down 73,000 KL to 1.65 M KL.

 

Brent (-)

WTI (+)

WTI/Brent(-)

Gasoil Cracks (-)

Gasoil (+)

Front

0.62

0.63

-0.30

-0.28

-16.57

-16.50

19.47

19.56

5.50

5.75

Second

0.50

0.52

-0.32

-0.31

-15.67

-15.58

19.04

19.18

7.50

7.75

Third

0.47

0.48

-0.30

-0.29

-15.67

-15.58

19.04

19.18

5.25

5.50

z/m

2.94

2.95

-0.93

-0.90

34.50

35.25

z/z

5.70

5.71

0.57

0.63

43.00

45.75

*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.