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Energy Drilldown – March 11, 2010

FMX | Connect – www.fmxconnect.com - (Reported 3/11/2010)

Energy Drilldown provides a synopsis of overnight activity with brief market commentary from industry professionals.

 

 

 

 

In trading on Nymex, April crude oil prices were down $.16 to $81.93/barrel as of 8.19 AM EST, this morning. April natural gas prices were up 1.1 cents to $4.576/mmBtu.  Oil prices remain high despite yesterday’s 1.4 million barrel inventory build and signs of flagging global demand. The natural gas storage report is coming out later this morning; analysts are expecting a drawdown of around 110 bcf.   For Market Prices Click Here

-Contributed by FMX Connect

 

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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

  • Not all agree at CERA: US EIA says natural gas from shale will be 25% of gas output in US by 2035, But CERA estimates it at 50% by 2030.
  • BP to get 7 exploration blocks in Brazil's Campos Basin under deal with US' Devon Energy.
  • Australian oil and gas producer Beach Energy plans to produce biofuel from algae on a commercial basis within five years.
  • China tipped to hike domestic gasoline and gasoil prices after parliament ends this week.

Bentek Energy

  • Power Burn Report - Temperatures Begin to Flatten Out Across U.S.
  • Daily Storage Range - The Midpoint for Next Thursday's EIA Release Down 4 Bcf From Yesterday
  • Industrial End Users Report – Industrial Demand Continues to Fall, Down to Lowest Levels Since January
  • Daily Supply/Demand Balance – Demand Declines Greater Than Supply; Storage Withdrawal at 0.6 Bcf/d Today

Bloomberg

  • Oil Trades Little Changed as Dollar Weakens, Equities Recover
  • BP Pays $7 Billion for Devon Assets in Brazil, Gulf
  • IEA’s Oil Demand Forecast Will Be Little Changed, Tanaka Says

Other News

Reuters: As oil rallies, physical market suggests ample supply

 

 

Oil Technical Chart

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