Energy Drilldown – March 3, 2010
Energy Drilldown provides a synopsis of overnight activity with brief market commentary from industry professionals.
Oil inched over $80 overnight, trading at $80.09/barrel as of 8:09 AM EST. Natural gas was down 1 cents to $4.70. The dollar index continues to show signs of weakness and is down .29 to 80.29. There’s been some interesting developments for crude overnight, starting with the API numbers as reported by MarketWatch: “The American Petroleum Institute reported late Tuesday that crude-oil inventories rose by 2.67 million barrels, more than expected. Gasoline stockpiles rose by 909,000 barrels, while distillate stocks fell 4.1 million barrels, the API said.” In other news, Somalian pirates seized a small oil tanker and its crew. DOE numbers are being released at 10:30 AM EST today, you can see some expectations here. For Market Prices Click Here
-Contributed by FMX Connect
FMX End of Day Reports
EIA DOE Release Expectations For Week Ending 2/26/2010
Energy End of Day Straddle Runs – March 2, 2010
Crude Oil – Options Report – March 2, 2010
Previous Session Market Report (premium)
OTC Volumes and Volatilities (premium)
FMX Newswire
FMX Newswire is a news aggregator designed to meet the needs of professional energy traders. The content is to-the point, professional grade and not widely reported in the mainstream media. All sources are professional respected firms and newspapers.
Platts oil
- Brazil's lower house approved Tuesday a bill allowing the government to swap 5 billion barrels of oil and gas reserves for Petrobras stock.
- MOL has signed a contract to supply ExxonMobil with 6 LNG vessles -- 4 for its Papua New Guinea project and 2 for its Gorgon project.
- Sinopec plans to shut its 130,000 b/d Jinan refinery in northern China for a one-month turnaround starting March 20.
- China has overtaken Japan as the world's 2nd largest crude importer with 2009 imports averaging at 4.08 mil b/d versus Japan's 3.65 mil b/d.
- Shell Wednesday said a flowstation in the western Niger Delta area has been attacked, but that the facility was not producing at the time
- Somali pirates have captured a small Saudi tanker and its crew of 14 in the Gulf of Aden
Bentek Energy
- Daily Storage Range - Estimated Midpoint Flat to Yesterday
- Canadian Observer (Daily) - Exports down 210 MMcf/d due to drop at Port of Morgan/NBPL
- Power Burn Report - March Expected to Defrost U.S. Beginning Next Week
- Gulf Coast Production Report - Gulf Production Lower by 255 MMcf/d
- Daily Supply/Demand Balance – Midwest Demand Drops 0.8 Bcf/d, While SE and West Production Are Down Again
Bloomberg
- Crude Oil Rises a Second Day, Trades Near $80 as Dollar Weakens
- Oil May Rise Above $83 After ‘Mood Swings’: Technical Analysis
- GE Wins $1.1 Billion Supply Contracts From Gorgon
- Shell’s Nigerian Kokori Station Is Attacked by Rebels
Other News
Reuters: Oil rises to around $80 before inventory report
MarketWatch: Oil futures edge above $80-barrel ahead of inventory data
Crude Technical Recap
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