Energy Drilldown – March 29, 2010
FMX | Connect – www.fmxconnect.com - (Reported 3/29/2010)
Energy Drilldown provides a synopsis of overnight activity with brief market commentary from industry professionals.
In trading on Globex last night, May crude oil prices were up $0.73 to $80.73, at 8:20 AM EST. April heating oil prices were up 1.87 cents to 2.100/gallon. Gasoline prices were up 1.23 cents to 2.220/gallon. April natural gas, which expires this afternoon, was down 2.8 to $3.84/mmBtu.
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Especially in crude oil, it seemed on Friday that the trading funds had lost their interest in the market. We do not know if they had liquidated their positions ahead of Passover and Easter, but the timing would be right. Despite plenty of potential cues from the dollar and equities, investors stayed on the sidelines. That allowed oil traders to use fundamentals to decide Friday’s trading movement and activity. While we found it refreshing and welcome, it was nonetheless surprising.
-Contributed by Peter Beutel
FMX End of Day Reports
Crude Oil - Weekly Technical Outlook - March 29, 2010
Crude Oil – Weekly Options Report – March 29, 2010
Natural Gas – Weekly Options Report – March 29, 2010
Previous Session Market Report (premium)
OTC Volumes and Volatilities (premium)
FMX Newswire
FMX Newswire is an overnight news summary 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
- China's Sinopec, said Sunday its net profit for 2009 soared 116.5% on the previous year to Yuan 61.76 bil.
- Shell has sold its downstream business in NZ to a consortium of Infratil and Guardians of New Zealand Superannuation for $489.5 mi.
- China imported 121,560 mt of LPG in Feb, the lowest level since Sep 2008 and down 57.24% from 284,251 mt imported a year earlier.
- Malaysia's Jan LNG exports jumped to their highest level for several months, up 15.2% on the year to 2.2 mil mt.
- China's Sinopec says it expects to boost its crude oil imports this year by around 14.3% to 160 million mt.
- Russia's Gazprom Neft is reportedly planning to put in an offer this week for the Total-owned 200,000 b/d Lindsey refinery in the UK.
Bentek Energy
- Power Burn Report - Power Burn Expected to Fall Throughout Week
- Daily Storage Range - Final Midpoint for Next Thursday's EIA Release a 22-Bcf Injection
- Gulf Coast Production Report - Mississippi Canyon Shuts-in All Receipts and Deliveries
- Industrial End Users Report - Weakened Demand Over Weekend
- Daily Supply/Demand Balance - Southeast, West Lift Demand Slightly
Bloomberg
- Oil Rises as Greek Aid Eases Demand Concerns, Bolsters Hedging
- Asia Gasoil, Fuel Oil Drop While Naphtha Rises With Crude: Wrap
- Oil’s ‘Dual Personality’ Prompts OPEC, IEF to Target Volatility
- Gazprom Opens Singapore Office; Focus on LNG, Carbon
- Shell Sells N.Z. Fuel Retailing for $492 Million
Other News
- Oil rises towards $81 as dollar weakens (Reuters)
Crude Oil Technical
Chart commentary available here
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