Energy Drilldown – March 1, 2010
Energy Drilldown provides a synopsis of overnight activity with brief market commentary from industry professionals.
Oil was up $.10 this morning, trading at $79.76/barrel as of 8:09 AM EST while natural gas was down nearly 3 cents to $4.78. The dollar index is up .75% to 81.05. Oil has been helped along by a weaker dollar last week and some positive signs of global demand lately, notably an upward revision to the U.S. 4th quarter GDP. Comments from Iran suggesting it could disrupt energy supplies and target adversary with missiles may also be having an impact on the price. Additionally, the recent earthquake in Chile has caused copper prices to jump nearly 6%, which some analysts suggest may be enough to provide a boost for a wide basket of commodities. For Market Prices Click Here
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FMX End of Day Reports
Crude Oil Weekly Technical Outlook
Crude Oil – Weekly Options Report – March 1, 2010
Natural Gas – Weekly Options Report – March 1, 2010
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FMX Newswire
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Platts oil
- Chile rocked by another 8.8-degree earthquake late Sunday.
- BHP Billiton said Monday it had started oil production at the $1.7 billion Pyrenees oil and gas project offshore Western Australia.
- Saudi Arabia to increase crude supply to India to 40 mil mt/year, up nearly 57%, to feed the country's upcoming refineries: oil ministry.
- Iraq has rejected a final offer from a Japanese consortium to develop the Nassiriyah oil field and will now develop the field on its own.
- European Commission chief Manuel Barroso has called on Ukraine to reform its gas market and thus encourage increased foreign investment.
Bentek Energy
- Midcon Observer (Daily) - Midcon Demand Below 18.0 Bcf/d Today
Bloomberg
- Oil Rises for Second Day as Economic Growth to Spur Fuel Demand
- Crude Oil Advances on U.S. Economic Growth, Chile Earthquake
- Saudi Arabia Lowers March LPG Prices as Heating Demand Falls
- Shell to Sell Assets to Fund $28 Billion Spending, FT Reports
Other News
MarketWatch: OIL FUTURES: Crude Up in Asia On Economic Recovery Hopes, Iran
Reuters: Oil rises above $80 on copper, bullish data
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