Energy Market Preview

Discussion in 'Trading' started by TradeTheNews, Mar 9, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    Energy Market Preview by Trade the News Staff

    - Late yesterday Platts reported in the results of an OPEC survey, saying that OPEC output fell to 26.62M b/d in Feb from 29.95M in Jan.
    - Venezuela said that a priority at OPEC's meeting next week on the 15th is to verify compliance on production cuts. The EIA wrote in its last short-term outlook that OPEC made about half of its targeted 1.2M b/d production cut in Jan.
    - Royal Dutch said today that a team of investigators has gained access to the oil spill in Nigeria to find its cause. A spokesperson for the company said she could not say how long the probe will take and how soon production could be restored. The leak forced the company on Sunday to shut production by 187,000 b/d.
    - On the weather front, Accuweather wrote today on its website that a southward flow of polar air over the Northeast the past few days has led to very cold days and frigid nights. With a reinforcing shot of cold air Thursday, the Northeast will have to deal with one more brutally cold Friday morning, with record lows in spots before milder air from the Plains arrives over the weekend.
    - At 8:10 a.m. crude future are up $0.05 at $61.69.