Energy Market Preview

Discussion in 'Trading' started by TradeTheNews, Feb 26, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    Energy Market Preview by Trade the News Staff

    - OPEC's Secretary General said today that existing output cuts by OPEC should be enough to balance the market if members comply with agreed upon cuts. He added that No OPEC members are requesting further output cuts. The Libyan oil minister said that OPEC is unlikely to cut output at current prices.
    - U.K.'s Guardian newspaper reported this morning that U.S. President Bush has given the Pentagon the task of devising an expanded bombing plan for Iran that can be carried out in 24 hours notice. The news follows comments by Iran's President on Sunday that his country's nuclear program was irreversible. The five permanent members of the U.N. Security Council and Germany meet today in London to discuss a possible new set of sanctions against Iran.
    - On the weather front, Accuweather wrote on its website today that the intense storm that brought severe thunderstorms to the country's southern midsection and a paralyzing blizzard to the High Plains this weekend is finally weakening and departing. Another storm will return similar wicked weather to areas east of the Rockies as soon as late this week.
    - At 8:10 a.m. crude futures are up $0.30 at $61.44.