Energy Drilldown – March 18, 2010
FMX | Connect – www.fmxconnect.com - (Reported 3/18/2010)
Energy Drilldown provides a synopsis of overnight activity with brief market commentary from industry professionals.
The dollar has been rallying since yesterday afternoon and, just as soon as it seems safe for the risk-waders to get back into the market, another tell-tale shark fin is spotted carving its way through the surf. This morning’s concern, felt as far afield as Tokyo, is that Greece may need to tap into funds from the International Monetary Fund (IMF). That had Asian equities under pressure this morning.
Crude oil prices retreated from yesterday’s highs overnight; the April contract was down .$69 to 82.24/barrel as of 8:10 AM EST. Natural gas was down 5.3 cents to $4.25/10,000 MMBtu. The June U.S. dollar index was up .4 to 80.24. The EIA is releasing its natural gas storage report at 10:30 this morning and most analysts are expecting a drawdown around 30 million bcfs. More expectations available here. For Market Prices Click Here
-Contributed by Peter Beutel
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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
- UAE's Adnoc will raise its LPG production to 8.6 million mt in 2010, up 43% from 2009.
- Colombia's Ecopetrol has won stakes in 19 oil and gas blocks offered in the latest Gulf of Mexico offshore round.
- Pakistan and Iran have inked a final pact to start work on the gas pipeline project with the view to have it operational by 2015.
- Japan's oil demand seen falling around 3% in year ending March 2011 due to weak demand for fuel oil from industrial users.
Bentek Energy
- Daily Storage Range - Midpoint for Next Thursday's EIA Release Down 1 Bcf Today
- Power Burn Report - Gas Prices Becoming More Competitive With Coal
- Industrial End Users Report - March Continues to See Declines from Previous Month
- Rockies Observer (Daily) - Colder Weather Puts Upward Pressure on Demand
- Daily Supply/Demand Balance - U.S. Demand Slips Lower, Supply Balance Flips Storage to Injections
Bloomberg
- Oil Drops for First Time in Three Days as Dollar Gains, Crude Stocks Rise
- Crude Oil Targets $88 a Barrel as Next `Port of Call': Technical Analysis
- Iraq Will Increase Oil Reserves, Kurdistan Exports Soon, Minister Says
- BHP Says Hay Point Coal Port Still Shut After Winds, Mines Being Affected
Other News
MarketWatch: Oil futures edge lower as dollar gains vs. major rivals
Oil Technical Chart
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