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ENERGY MARKETS REPORT INCLUDING: Turkish energy officials say an explosion has hit the Kirkuk-Ceyhan oil pipeline,January 21 2013, 12:30pm
WTI futures are currently trading lower echoing the decline seen during the Asian session after posting their highest levels in four months last week. WTI futures trade at USD 95.22 down USD 0.34. Last price taken at 1139GMT. Also as a reminder, the NYMEX floor is closed today while electronic trade will close at the earlier time of 1815GMT/1215CST due Martin Luther King Jr. Day.
Oil & Gas News
China's imports of crude from Iran rebounded to the highest level in six months in December after US renewed an exemption from penalties on banks that process payments for Iran's oil.
China's commercial crude inventories fell to the lowest level in nine months whilst gasoline stockpiles rose to the highest level in almost two years after the country boosted crude processing to a record, according to Xinhua.
Turkish energy officials say an explosion has hit the Kirkuk-Ceyhan oil pipeline, Iraq's largest crude oil export line on Saturday night.
Iraq officials say they have discovered substantial crude oil reserves in the southeastern province of Maysan after its state-run petroleum production companies conducted the first exploration activities in almost three decades.
BofA says WTI may rise as high as USD 120.00 a barrel in 2013 but expects the price to average to USD 90.00 this year even after operations at the Seaway pipeline resume. Says it continues to see risk of WTI falling to USD 50.00 over two years.
Algeria will boost security at oil installations in the aftermath the four-day stand-off with al Qaeda linked terrorists attacked the In Amenas facility. At least 85 people, both hostages and kidnappers are thought to have lost their lives according to Press Tv.
Syrian opposition leaders have failed to form a “transitional government” at a meeting in the Turkish city of Istanbul amid differences between the parties involved.
Subsea 7 S.A. today announced it has been awarded a project worth approximately USD 135 mln by Shell U.K. Ltd as part of Shell’s Fram oil and gas development in the Central North Sea.
According to Deputy Prime Minister Shuvalov, BP raising its OAO Rosneft stake shows Russia is ceding control as it seeks to cut its business holdings. BP is set to end up with 19.75% of Rosneft while Russia retains almost 70%.
A blast of Arctic air will reach the northern Plains and the Midwest during the weekend and the Northeast this week. Temperatures below -20°F can be expected across the far upper Midwest. However, no freezes are expected in areas of southern Texas or peninsular Florida.