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Overnightheadlines 17/09/2012

Published Monday, September 17th, 2012

Good morning, 07:30 am London time

 

Nov Brent: 116.92 (0.26)

Oct WTI 99.12 (0.09)

Oct Gasoil: 1012.00 (-1.50)

£/$: 1.6226

Euro/$ 1.3131

 

World News:  

-Asian stocks have touched highest levels in four months after rallying late last week over hopes of fresh stimulus from the top central banks.

-Reports forecast for US are expected to show a strengthening economy in the US.

-4 Iraqis dead and 11 wounded as car bomb explodes near Baghdad’s Green Zone.

-US Defence Secretary Panetta says in everybody’s interest to maintain good Chinese-Japanese relationships, vows for disputes over Island to end.

-Western embassies remain in high alert after video mocking Mohammad continues to bring trouble.

 

Oil News:

-WTI rose as much as $100.42 per barrel on Friday as the Federal Reserve agreed to start buying US mortgage securities.

-South Korea stopped buying crude from Iran in August after refiners lost insurance cover on ships transporting supplies form Persian Gulf.

-Phillips 66’s 247,000 bpd refinery has reported a release of sulphur dioxide from a flare stack in Belle Chasse, Louisiana.

-Uganda has confirmed its oil reserves at 3.5 billion barrels, up from 2.5.

 

Brent (+)

WTI (-)

WTI/Brent(-)

Gasoil Cracks (-)

Gasoil (+)

Front

0.51

0.52

-0.32

-0.31

-16.72

-16.64

18.61

18.72

2.50

2.75

Second

0.47

0.49

-0.31

-0.30

-15.92

-15.82

18.39

18.48

5.50

5.75

Third

0.53

0.54

-0.33

-0.32

-16.72

-16.64

18.24

18.41

4.25

4.50

z/m

3.46

3.51

-0.67

-0.63

36.25

37.25

z/z

7.17

7.24

1.64

1.71

51.25

52.25

*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.