Energy Market Preview

Discussion in 'Trading' started by TradeTheNews, Feb 22, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    Energy Market Preview by Trade the News Staff

    - The EIA reports its weekly inventory data today. According to a major wire survey, crude inventories are expected to have risen 1.05M, gasoline inventories to have fallen 50K barrels and distillate stock to have declined 2.875M. The refinery utilization rate is seen rising 0.25%.
    - The U.N. deadline for Iran to halt uranium enrichment expired yesterday. The head of the IAEA, ElBaradei, is expected to deliver his report on Iran's nuclear activities to the U.N. SecurityCcouncil and the 35 member board of the IAEA today. Earlier U.K.'s Prime Minister, Tony Blair, said that “I can't think that it would be right to take military action against Iran. What is important is to pursue the political, diplomatic channel. It is the only sensible way we're going to get a solution to this issue.” U.S. Secretary of State, Rice, said today that the U.S. government will use the Security Council to get Iran to drop its nuclear program.
    - Teppco Partners LP said later yesterday that its damaged pipeline from the Gulf to the Northeast may operate again as soon as Saturday. The pipeline was shut on Feb. 20 because of a like near Batesville, Indiana.
    - According to Petrologistics, OPEC output in Feb. is seen down to 26.3M b/d from 27.3M b/d in Jan. Petrologistics said that the output cuts have been led by Saudi Arabia, at 8.6M b/d.
    - Japanese oil imports fell in Jan. for a ninth month in a row by 4.8% from a year ago to 127M barrels because of lower demand for kerosene as a result of above-average temperatures.
    - At 8:15 a.m. crude futures are down $0.40 at $59.69.