Energy Market Preview

Discussion in 'Stocks' started by TradeTheNews, Feb 21, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    Energy Market Preview by Trade the News Staff

    - The EIA releases its weekly inventory data tomorrow. According to a major wire survey, crude inventories are expected to have risen 1.3M barrels last week, gasoline inventories to have fallen 475,000 barrels and distillate inventories to have declined 2.875M barrels. The refinery utilization rate is seen rising 0.28%.
    - Today the head of the International Atomic Energy Agency, ElBaradei, will deliver his report on Iran's nuclear activities to the U.N. Yesterday, Iran's top nuclear negotiator, Larijani, said that his government wa open to negotiations, but the talks between him and ElBaradei are said to have failed to break new ground. Today, U.K.'s Prime Minister, Blair, said that statements from Iran have been contradictory and that its nuclear weapon ambitions appear to continue. .
    - The Libyan oil minister commented earlier this morning that OPEC does not need to announce further output cuts.
    - Valero Energy said late yesterday that it will be weeks yet before the company attempts a restart of its fire damaged 170,000 b/d McKee refinery in Texas.
    - The National Weather Service forecasts that temperatures in the Northeast will stay above average through March 5.
    - At 8:15 a.m. April crude futures are down $0.48 at $58.37.