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ENERGY MARKETS REPORT INCLUDING: Angola plans to export 57 cargoes of crude oil in March

January 16 2013, 12:38pm
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WTI futures are currently trading around session highs aided by a marginally weaker USD, paring some of the losses seen yesterday. Looking ahead market participants will focus on DOE data set for release at 1530GMT/0930CST.

Oil & Gas News

Iraq extends bidding time for its 4bln barrel Nasiriya oil field to February 28 according to the oil ministry.

According to the Norwegian Petroleum Directorate, Norway production figures for December 2012 indicated an average daily production of 1.483mln BPD of oil. Gas output was at 11bln cubic metres in the same month. The NPD said total oil output is below 13% below prognosis for December and about 5% below prognosis for the year.

Angola plans to export 57 cargoes of crude oil in March, plans to boost March crude exports by 15% from February.

BNP Paribas cut its outlook for natural gas prices in 2013 to USD 3.50/MMBTU from a previous forecast of USD 4.00 in November due to high inventory levels.

According to Taqa, the Brent pipeline system, which transports around 100,000 BPD Brent crude from North Sea fields to the export terminal at Sullom Voe remains closed. The Pipeline's operator confirmed yesterday that it is closed following a leak at one of its oil platforms.

Geopolitical News

Al Qaeda linked group claims kidnapping of 6 foreigners in BP managed oil field in Algeria, according to Mauritania's ANI news agency.

Nearly two dozen people have been killed and more than 200 others wounded in a wave of terrorist attacks in Iraq. The attacks were in the northern city of Kirkuk near the local headquarters of the Kurdistan Democratic and in Tuz Khurmatu south of Kirkuk near the offices of Patriotic Union of Kurdistan of Iraqi President Jalal Talabani.

Turkish fighter jets have bombed at least 50 Kurdistan Workers’ Party’s (PKK) targets in Iraq, according to Press TV.

Corporate News

GE oil & gas has won a contract worth more than USD 500mln to supply turbo-machinery equipment to Petrobras.

CPC Corp, Taiwan's state-run oil company, plans to halt a 100,000BPD unit in its Kaohsiung refinery for maintenance. The stoppage will last 30 days.

Chevron says fluid catalytic cracker shut at its 285,000 BPD El Segundo refinery in southern California. Unit was scheduled to begin maintenance turnaround yesterday.

Fermosa Petrochemical Corp. offered to sell 34,000 metric tons of high sulfur oil and 13,000 tons of pyrolysis fuel for loading from January 31 to February 2.

Weather news

A potential storm will reach Texas this week, sparking a new round of severe weather for millions of residents along the Gulf Coast. This will be the same storm system which is expected to bring up to 3 inches of snow to the Grapevine and parts of Southern California on Sunday. With an abundance of cold air aloft, there will be a possibility of severe weather outbreak from Houston through to New Orleans. Large hail could be a big issue with the amount of cold air aloft, along with damaging wind gusts and a couple of tornadoes according to Accuweather.

 

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