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ENERGY MARKETS REPORT INCLUDING: Tankers have been told to stay at Qingdao Port following the Sinopec explosion

Published: 13:24 27 Nov 2013 GMT

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Heading into the North American open, WTI crude futures are trading in negative territory following a large build in API crude oil inventories of 6.9mln, whilst Brent crude futures trade with gains for the session in a continuation of recent trade given troubles in Libya and caused a widening of the WTI-Brent spread. Furthermore, WTI has been trading in a tight range for the past month around the USD 93 level, below this there is little in the way of support for prices until just above the USD 90 level which was seen in June, therefore today's DoE release could act as a catalyst to break out of this range. Looking ahead for the session there is the release of US Initial Jobless Claims, Durable Goods Orders, Chicago Purchasing Manager, Univ. of Michigan Confidence, DoE Inventories and EIA Natural Gas Storage Change.

Oil & Gas News

SocGen revised Brent outlook down by USD 2 to USD 108/bbl in 2014, revised WTI outlook down by USD 4 to USD 99/bbl and forecast an average 2014 NYMEX natural gas price of USD 3.65/MCF. 

Morgan Stanley said that Brent is unlikely to average below USD 95-100 per barrel, adding that downside risk is concentrated in 2014, 2015 and that Brent is likely range-bound over the medium term. 

Geopolitical News

US and Japan are to co-operate closely on China defence zone. (Newswires) There were overnight reports that Peach Aviation, ANA and Japan Airlines flew through China's Air defence zone without notice after the said they would stop reporting flight plans for planes travelling through the zone.

Iran's Oil Minster Zanganeh has held meetings with European Co.'s in an attempt to get them back to Iran following the nuclear deal struck over the weekend. However, he sees no fast rebound to exports. (FT-More).

Corporate News

Tankers have been told to stay at Qingdao Port following the Sinopec explosion on Friday which killed five people. In other news the Co. is in early talks with Apache to purchase a small stake in a LNG project on the Pacific coast of Canada. However, this has been largely ignored by the market with no Chinese reaction as of yet.

Total in 2014 are to explore offshore South Africa whilst also targeting Kenya and the Ivory Coast.

BP have completed their new Whiting Refinery Coker Start-up at their 405,000BPd Whiting refinery.

Exxon have reported emission at its 238,600BPd Joilet Oil Refinery according to a filing. 

Weather News

The Gulf Shores region is set to experience mostly sunshine for the remainder of the week before entering a more inconsistent spell of weather heading into next week. The temperature today is forecasted to be 17 degrees lower than the historical average.

The East Coast region is set to experience mostly a combination of sunshine and clouds over the course of the next few weeks. The temperature is expected to be 12 degrees higher than the historical average.

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