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ENERGY MARKETS REPORT INCLUDING: Winter Storm Iago will continue to spread both snow and rain across the SouthJanuary 18 2013, 11:30am
WTI crude futures are trading flat on the day, paring overnight gains after China's GDP printed at 7.9%, beating market expectations of 7.8%. USD-strength has been observed in European trade during the morning, weighing on the energy complex.
Oil & Gas News
The IEA released their global forecast today and raised its demand estimate for OPEC crude by 100,000 BPD to 30mln BPD and expects global oil demand to rise by 1% to 90.8mln BPD in 2013. The IEA also said non-OPEC supply to advance to 54.3mln BPD this year and sees tighter oil market, citing US legislation preventing large-scale exports meaning domestic refineries will be unable to absorb increasing supplies.
The Brent pipeline system is now pumping oil as most oil fields resume output according to Taqa, after it had been shut following an offshore incident Monday.
Earlier today, Statoil said Norway gas export cut by 4.2mcm/d for 1 day.
Macquarie said they expect Brent-WTI spread to fall USD 8 per barrel in 2013.
Talks between Iran and and the UN atomic watchdog, the IAEA, have broken down without an agreement according to a diplomatic source with western powers suspecting Iran's nuclear program aims at developing nuclear weapons capability.
The hostage crisis at a gas facility in the Algerian desert has yet to be resolved, officials have said. The UK said the incident near Amenas was "ongoing" and Algerian state media said Islamist militants were holding foreign workers at a treatment plant.
Marathon oil today reported a leak or spill at their 206,000 BPD Robinson refinery.
ExxonMobil announced their fluid catalytic cracker has been shut at the 345,000 BPD Beaumont Refinery for planned maintenance with work expected to last several weeks.
ExxonMobil's 192,500 Chalmetter refinery has released emissions due to a leaking plug fin fan according to a filing.
Winter Storm Iago will continue to spread both snow and rain across the South and into the Mid-Atlantic into early Friday. In the West, freeze warnings are in effect again in the San Joaquin Valley. During the weekend and early next week, a strong push of cold air will arrive in the Midwest and Northeast. Temperatures could fall below -20°F across the far upper Midwest.