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Energy Market Preview by Trade the News Staff
- The EIA releases its weekly energy inventory data today. According to a major wire survey, crude inventories are expected to have risen 2.0M barrels last week, gasoline inventories to have climbed 1.75M barrels and distillate inventories to have 3.0M barrels. The refinery utilization rate is seen remaining unchanged.
- Yesterday in its Short-Term Energy Outlook the EIA increased its world oil demand growth forecast for 2007 by 100K b/d to 1.6M b/d, but cut its Q1 forecast by 100K b/d. Additionally, the EIA wrote that OPEC cut their crude oil production in Q4 by 600K b/d or about half of targeted cuts. The EIA projects that the actual Feb. 1 OPEC cuts will total about 300K b/d or about 60% of targeted cuts.
- Norwegian oil output fell in January by 1.2% to 2.419M from 2.448M in Dec.
- The WSJ reported today that a Senate Energy Committee is investigating whether futures traders are manipulating markets that set natural-gas prices for consumers, farmers and industries. The investigation aims to explore how federal agencies monitor traders, and if possible, to identify the agents and motivations behind the alleged illegal trading.
- Accuweather wrote on its website today that While lake-effect snow will continue to add to the already impressive snowfall totals downwind of the eastern Great Lakes, snow associated with Tuesday's Alberta Clipper will push offshore of the mid-Atlantic states early this morning. The recent bitter cold spell, however, will not release its grip on the northeastern half of the nation today.
- At 8:10 a.m. crude futures are up $0.37 at $59.25.
- The EIA releases its weekly energy inventory data today. According to a major wire survey, crude inventories are expected to have risen 2.0M barrels last week, gasoline inventories to have climbed 1.75M barrels and distillate inventories to have 3.0M barrels. The refinery utilization rate is seen remaining unchanged.
- Yesterday in its Short-Term Energy Outlook the EIA increased its world oil demand growth forecast for 2007 by 100K b/d to 1.6M b/d, but cut its Q1 forecast by 100K b/d. Additionally, the EIA wrote that OPEC cut their crude oil production in Q4 by 600K b/d or about half of targeted cuts. The EIA projects that the actual Feb. 1 OPEC cuts will total about 300K b/d or about 60% of targeted cuts.
- Norwegian oil output fell in January by 1.2% to 2.419M from 2.448M in Dec.
- The WSJ reported today that a Senate Energy Committee is investigating whether futures traders are manipulating markets that set natural-gas prices for consumers, farmers and industries. The investigation aims to explore how federal agencies monitor traders, and if possible, to identify the agents and motivations behind the alleged illegal trading.
- Accuweather wrote on its website today that While lake-effect snow will continue to add to the already impressive snowfall totals downwind of the eastern Great Lakes, snow associated with Tuesday's Alberta Clipper will push offshore of the mid-Atlantic states early this morning. The recent bitter cold spell, however, will not release its grip on the northeastern half of the nation today.
- At 8:10 a.m. crude futures are up $0.37 at $59.25.