June 4 2010, 08:42
Energy Drilldown – June 4, 2010
FMX | Connect – www.fmxconnect.com - (Reported 6/04/2010)
Energy Drilldown provides a synopsis of overnight activity with brief market commentary from industry professionals.
In trading on Globex this morning, July crude oil prices was down .52 to $74.09 at 8:10 AM EST. July heating oil prices were down .78 cents to 2.031/gallon. Gasoline prices were down .62 cents to 2.075/gallon. Natural gas was down 4.6 cents to $4.64/mmBtu.
Oil is continuing to drop now that the non farm payroll has come out showing a 430,000 job increase, far below consensus expectations. This is very discouraging in the wake of a positive inventory report yesterday. BP announced that it has placed the cap on the leaking well and that after some adjustments it may be able to capture 90% of the flow. We are keeping our fingers crossed, especially since the preparation for the cap has already exacerbated the leak rate.
-The FMX Team
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.
- India has further deregulated gas pricing. Now, OIL and ONGC can price any new gs discovered in their nominated blocks at market rates.
- Japan has extended the deadline for its sale of 1.89 million barrels of Kuwaiti crude to an undisclosed buyer until 0300 GMT Monday.
- Denmark's Maersk Oil has bought German Wintershall's 20% interest in Norwegian offshore license PL435.
- BP shares have risen by up to 4% Friday on hopes that the cap lowered over its Macondo well will help contain oil from the spill.
- UK explorer Rockhopper has hiked its estimate of recoverable reserves at its Falklands discovery to 242 million barrels from 170 million.
- Loadings of crude and products have been suspended at Oman's Mina al-Fahal terminal as Cyclone Phet closes in on the Gulf oil state.
- Production from some Iranian oil fields is declining by 400,000 b/d a year, a senior Iranian official says.
- Power Burn Report - Northeast Power Burn Declines 14%
- Daily Storage Range - The Midpoint for the Current Storage Week Did Not Change From Yesterday
- Rockies Observer (Daily) - Drop in GR Production Caused by Lost Cabin Plant Fire
- Industrial End Users Report - U.S. Ethanol Production and Demand are Increasing Again
- Texas Observer (Daily) - Demand On Track to Rise Into Next Week
- Daily Supply/Demand Balance - U.S. Supply Stable; NE Demand Falls on Mild Weather, Limited Fuel Switching
- Crude Oil Advances, Set for Second Weekly Gain, on U.S. Demand
- BP Says Cap May Collect More Than 90% of Oil Leak
- Naphtha Exports to Asia May Fall 40% This Month
- Obama Again Postpones Trip to Australia, Indonesia
- Israel May Join Gas Exporting Nations With Leviathan Discovery
- Cyclone Phet Causes Landslides in Oman, Heads Toward Pakistan
Other News
- Oil eases towards $74 ahead of U.S. jobs data (Reuters)
- Nymex Crude Fell In Asia; May Rally On US Job Data (MarketWatch)
Crude Oil Technical Chart
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