Morning Petrospective – June 10, 2011
pec’s dysfunctional meeting cast a long shadow on Thursday, and traders continued to see the meeting as a decision not to add oil to thirsty markets. In that respect, the interpretation is not completely accurate. Iran was joined by ally Venezuela and a small number of other countries that felt that any increase in quotas could send a message to markets that would be interpreted as being bearish. That would have been off-target as well, because any hike in quotas would have only legitimized existing output.
The US dollar was stronger on Thursday, after European Central Bank President Claude Trichet said the ECB would exercise “strong vigilance,” his code-word for an interest rate hike in July. He also said that inflationary expectations need to be “firmly anchored” and said that the ECB will act in “a firm and timely manner.” Those were all theoretically bullish for the euro – but the US dollar gained against the euro as many observers are starting to expect the July interest rate hike to be the last for a while.
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
- Supply/Demand Balance Analytic Report – Northeast Gets Relief from Heat Today, Lowering Power Demand
- California SW Observer – PG&E Capacity Reduction Will Disrupt Flows, Potentially Storage Injections
- Storage Analytic Report – Preliminary Projection is Down Another 1.0 Bcf From Yesterday
- Power Burn Analytic Report – Power Burn Down 3.9 Bcf/d as Temperatures Drop
Platts
- Egyptian natural gas deliveries to Israel have resumed, Israeli energy sources said after an attack on the network in Egypt 7 weeks ago.
- Russian ports handle 1.6% less oil and products in Jan-May on year.
- Australia's Origin Energy raises Eur500 million ahead of APLNG decision.
- PG&E and California PUC failed to exercise proper oversight of natural gas pipeline safety.
Bloomberg
- Oil Declines on Concern Fuel Demand May Slow as Banks Raise Interest Rates
- 3Legs CEO Clutterbuck Sees Polish Shale Gas Commercial Promise in 2 Years
- Huaneng Renewables Tumble in Hong Kong on Trading Debut
- Oil Near Highest This Month Heads for Weekly Gain on U.S. Economy, OPEC
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