Energy Market Preview

Discussion in 'Trading' started by TradeTheNews, Feb 27, 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 1.75M barrels last week, gasoline inventories to have declined 1.5M and distillate inventories to have fallen 2.5M. The refinery utilization rate is seen rising 0.35%.
    - U.K. Tony Blair said today that Iran is making a big miscalculation and urged the international community to be tough and clear on Iran. Iran's Foreign Minister, Mottaki, said today that Iran will never suspend its uranium enrichment program. According to the FT, among the measures said to be considered by the five permanent members of the U.N. Security Council and Germany against Iran are a travel ban on named individuals in Iran's missile and nuclear programs and the reduction of export credits to companies doing busienss with Iran.
    - On the weather front, Accuweather wrote on its website today that the culprit behind wicked weather similar to this past weekend for areas east of the Rockies during the latter half of the workweek will be a Pacific storm, set to overspread the Western states with rain and mountain snow today into Wednesday.
    - At 8:10 a.m. crude futures are down $0.61 at $60.58.