Energy Market Preview by Trade the News Staff - The EIA releases its weekly energy inventory data today. According to a major wire survey, crude inventories are expected to have risen 2.0M barrels last week, gasoline inventories to have climbed 1.75M barrels and distillate inventories to have 3.0M barrels. The refinery utilization rate is seen remaining unchanged. - Yesterday in its Short-Term Energy Outlook the EIA increased its world oil demand growth forecast for 2007 by 100K b/d to 1.6M b/d, but cut its Q1 forecast by 100K b/d. Additionally, the EIA wrote that OPEC cut their crude oil production in Q4 by 600K b/d or about half of targeted cuts. The EIA projects that the actual Feb. 1 OPEC cuts will total about 300K b/d or about 60% of targeted cuts. - Norwegian oil output fell in January by 1.2% to 2.419M from 2.448M in Dec. - The WSJ reported today that a Senate Energy Committee is investigating whether futures traders are manipulating markets that set natural-gas prices for consumers, farmers and industries. The investigation aims to explore how federal agencies monitor traders, and if possible, to identify the agents and motivations behind the alleged illegal trading. - Accuweather wrote on its website today that While lake-effect snow will continue to add to the already impressive snowfall totals downwind of the eastern Great Lakes, snow associated with Tuesday's Alberta Clipper will push offshore of the mid-Atlantic states early this morning. The recent bitter cold spell, however, will not release its grip on the northeastern half of the nation today. - At 8:10 a.m. crude futures are up $0.37 at $59.25.
Just a typo (and I am not throwing it in your face as I did before only to discover I was mistaken), but you left out the word DRAWN when referring to distillate stocks expectations for the week (expectations are indeed for a hefty drawdown due to cold weather). Not a biggie, just clarifying for those who may read this and not know... Any indications on tomorrow's natty number??
Yes, the distillate estimate is a draw. Thanks for pointing that out and for viewing the posts. The estimate for nat. gas is -217 bcf.
Energy Market Preview by Trade the News Staff - The EIA releases its weekly natural gas inventories today. According to a major wire survey, natural gas inventories are expected to have fallen 218 bcf last week. - Lloyd's Minerals Intelligence Unit reported this morning that OPEC exports fell in January for the 3rd month in a row to 22.6M b/d. - Total said that a French employee was kidnapped today in the southern Nigerian city of Port Harcourt. - On the weather front, Accuweather wrote on its website that rain returned to the West Coast on Wednesday, the first signs of a changing weather pattern for the nation. The parade of Pacific storm systems will ease the West's rainfall deficit before fizzling out past the Rocky Mountains. One storm will will bring snow to the East Coast by early next week as the moist Pacific jet stream comes into play. - At 8:10 a.m. crude futures are down $0.17 at $57.54.
Energy Market Preview by Trade the News Staff - The EIA reported yesterday that natural gas inventories fell more than expected by 224 bcf last week. The surplus of more than 6% last week in natural gas storage versus a year ago was erased, with the yoy rate falling to â1.1%. - Occidental petroleum said yesterday afternoon that 95% of its Elk Hills field remains offline after a fire and that it has no timeframe for restarting the field. The field has a capacity of 120,000 b/d. Elsewhere, Exxon Mobil reported last night that it will shut units at its 150K b/d refinery for two months for an overhaul. The refineryâs plant, hydrotreater and sulfur recovery units will be overhauled. - Iranâs top nuclear negotiator, Larijani, will meet today with the head of the IAEA, Elbaradei. This weekend Iran will celebrate the 28th anniversary of the Islamic revolution. - On the weather front, Accuweather wrote on its website today that The West Coast has returned to an active pattern as storm systems and Pacific moisture aim at the Pacific Coast states. This activity across the West will carry eastward, leading to a storm early next week for the East Coast in the form of snow and rain. The NOAA continues to forecast below normal temps across the U.S. until at least Feb. 22. - At 8:10 a.m. crude futures are down $0.27 at $59.44.
Exxon is shutting units at its 150K b/d, Torrance, CA, refinery for two months for an overhaul, effective this weekend.
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