Morning Petrospective – June 13, 2011
il prices were mixed to lower in trading Thursday night into early Friday morning. Prices weakened through the early morning and, by 10 AM, oil prices were substantially lower. Crude oil was down almost $3.00 a barrel, gasoline was down around six cents a gallon and heating oil was off almost a nickel. Oil prices ignored the DJIA and the dollar on Wednesday and Thursday. On Friday, they had three days of movement to react to. There was also news that the Saudis have increased output to 10 million bpd, and this caught some traders unaware.
By 11:30, the US dollar was up 1.44 points against the euro, the DJIA was down 136 points, crude was down $2.50 a barrel, and refined products were off about three and a half cents a gallon. By the end of the day, the euro had lost 1.76 cents; the DJIA was down for a sixth consecutive week, by more than 170 points, for its worst aggregated performance in almost nine years. The DJIA finished below 12,000. Crude finished down almost $3.00 a barrel.
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Bentek Energy
- Canadian Observer – Cash Prices May Receive Lift From Henry But Basis May Weaken
- Power Burn Analytic Report – Power Burn Down 2.9 Bcf/d as Cooling Demand Drops in the Northeast
- Storage Analytic Report – Final Estimate is Down Additional 3.0 Bcf From Friday
- Industrial End Users Analytic Report – Demand Continues to Gain Strength Over the Weekend
Platts
- Qatar sees more long-term LNG supply to Japan and higher global demand.
- Iran's caretaker Oil Minister Mohammad Aliabadi urges "some OPEC members" to be reasonable with planned output hikes
- Malaysia's April crude oil imports rise 57% on year to 781,000 mt (190,000 b/d).
- Philippines Department of Energy says will unveil National Renewable Energy Program on Tuesday.
Bloomberg
- Oil Drops for a Second Day on Concern Over Economic Growth, Saudi Supply
- Shell Sells First Gasoil Cargo From Pearl Gas-to-Liquids Plant in Qatar
- Venezuela to Restrict Electricity Use for Second Straight Year on Blackout
- Essar to Buy More Indonesian, Australian Resources to Meet India’s Demand
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