CL Redux

Crude edges higher on Spanish bank rescue talk, Fed

http://www.reuters.com/article/2012/06/07/markets-asia-nymex-idUSL3E8H709H20120607

1/ Two influential Federal Reserve officials say they are prepared to take even more policy action to boost the erratic U.S. economic recovery, but neither want to pull the trigger now.

2/ Germany and European Union officials are urgently exploring ways to rescue Spain's debt-stricken banks although Madrid has not yet requested assistance and is resisting being placed under international supervision, European sources said on Wednesday.

3/ European leaders can still contain the region's debt crisis and protect weaker economies from contagion should Greece default again, but time is running out, Standard & Poor's analysts told Reuters.

DATA/EVENTS

* The following data is expected on Thursday:

- 1100 Britain BOE Bank Rate Jun

- 1230 U.S. Jobless claims Weekly

- 1430 U.S. EIA gas stocks Weekly

- 1400 U.S. Federal Reserve Chairman Bernanke speaks
 
Citi cuts 2013 Brent crude oil price f'cast to $99/barrel

http://in.reuters.com/article/2012/06/02/citi-research-crude-idINDEE85101120120602

Sat Jun 2, 2012 10:18am IST <b> ( few days old ) </b>

REUTERS - Citigroup Global Markets lowered its 2013 Brent crude oil price forecast by 17.5 percent to $99 per barrel, <b>saying accelerating shale oil production in the United States could reduce imports into the country. </b>

The bank lowered its 2013 Brent price forecast to $99 from $120 and 2012 price forecast to $115 from $125 per barrel.

It also cut its forecasts for the U.S. benchmark <b>West Texas Intermediate (WTI)
- by $11 to $95 per barrel for 2012 and
- by $28 to $85 per barrel for 2013.
</b>

Recent data indicate a temporary stabilization of U.S. oil demand, but its production is on course to rise by about 800,000 barrels a day in 2012, Citi said.

<b>With U.S. net imports likely to fall by almost one million barrels per day each year going forward, it is enough to point to lower world oil prices in the medium-term, the bank said. </b>

Citi also lowered U.S. natural gas price forecast by 10 cents to $2.4 per million British thermal units (mmBtu) for 2012. It reiterated its call for gas to average $2.4 per mmBtu in Q2'12 and $3.6 per mmBtu in 2013.
-----------------------------------------------

http://www.reuters.com/article/2012/06/06/us-oil-forecast-bofa-idUSBRE8550KK20120606

<b>BofA cuts oil price forecasts on supply, Europe woes </b>

<b>Wed Jun 6, 2012 9:45am EDT </b>

(Reuters) - Bank of America-Merrill Lynch lowered its crude oil price forecasts, citing stronger-than-expected supply growth coupled with weakening European demand and softer growth in emerging markets and the United States.

cut for 2012 second Half of year
-----------------------------------------
WTI - cut price forecasts by $10 to $97
Brent - cut price forecasts by $10 to $109


cut for 2013 whole year
-----------------------------------------
WTI - cut price forecasts by $10 to $100
Brent - cut price forecasts by $10 to $110


"While demand is clearly decelerating at a faster rate than we anticipated, supply has also surprised to the upside in recent months," analyst Francisco Blanch said in a research note.
 
NOAA Predicts a Near Normal 2012 Atlantic Hurricane Season

http://crudeoiltrader.blogspot.com/2012/06/noaa-predicts-near-normal-2012-atlantic.html

1/ On May 24, 2012, the National Oceanic and Atmospheric Administration's Climate Prediction Center said that, for the six month hurricane season beginning June 1, there is a 70% chance of 9 to 15 named storms in the Atlantic Basin, of which 4 to 8 may strengthen to hurricanes. Of those, 1 to 3 may become major hurricanes (Category 3, 4, or 5).

2/ During the hurricane season from 1981 through 2010, the Atlantic basin averaged 12 named storms and 6 hurricanes each year, 3 of which were major hurricanes.

2012HurricaneOutlook.png



GOMProduction.png
 
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