Morning Petrospective – July 1, 2011

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il declined, trimming the biggest weekly gain in almost three months, as signs of slowing manufacturing growth in China and the U.S., the world’s biggest energy users, stoked speculation fuel demand may falter. Futures slipped as much as 1.3 percent, their first decline in four days, after China’s Purchasing Managers’ Index fell to the lowest since February 2009. A U.S. report today may show a slowdown in factory activity. Prices also slid as OPEC boosted supplies and the U.S. offered 30 million barrels of oil from strategic reserves under an International Energy Agency plan to stabilize prices. Oil Drops on Signs of China, U.S. Slowdown; IEA and OPEC Supplies Increase (Bloomberg)

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Peter Beutel is on a holiday break. The Daily Energy Hedger will resume publication on July 5, 2011.

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.

Bentek Energy

  • Power Burn Analytic Report – Power Burn Declines 0.7 Bcf/d
  • Gulf Coast Production Analytic Report – Tennessee Gas Schedules Line Abandonment.
  • Nuclear Plant Status Analytic Report – Nuclear Outages Will Return To Normal Over the Weekend.
  • Rockies Observer (Weekly) – Rockies Storage Refill Rates Are Climbing and GROUP Production is Growing.

Platts

  • The chemical sector worries about soaring oil prices, inflation, and slowing economies.
  • The Arab Spring and its impact on freight rates and middle distillate demand.
  • China's Ministry of Land and Resources plans to launch a second tender offering shale gas blocks later this year.
  • New York Dept of Environmental Conservation to recommend end to state moratorium on gas fracking.

Bloomberg

  • Oil Drops on Signs of China, U.S. Slowdown; IEA and OPEC Supplies Increase.
  • Vedanta’s Purchase of Cairn Energy Unit Approved by India With Conditions.
  • Marathon Petroleum to Go Public With Valero-Like $14 Billion Valuation.
  • Fail-Safe Plan Could Stop U.S. Default Disaster: Jonathan Alter.

Technical Recap

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