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ENERGY MARKETS REPORT INCLUDING:
WTI crude futures traded with no direction the European morning session, as the market waits for US Employment data later today.
Oil & Gas News:
• Dependency on oil produced by OPEC countries is set to rise in the next 5 to 10 years as non-OPEC supplies are set to decline, Nobuo Tanaka, executive director of the International Energy Agency (IEA), said today. The IEA added that global oil demand would rise by 1.8mln BPD year-on-year to 86.6mln BPD in 2010, which was 80,000 BPD higher than the forecast in its July report.
• Tanaka also said that the global crude oil market is currently well-supplied, due to high stock levels in OPEC countries, and spare capacity from OPEC countries.
• The Angolan deputy petroleum minister said that the country is producing around 1.9mlb BPD of oil, just below the maximum 2mlb BPD output. He said they will keep output levels here for the rest of the year.
Corporate News:
• Petrobras has announced it plans to sell as much as USD 64.52bln worth of shares in a primary offering. The company is offering 1.59bln new preferred shares and 2.17bln new common shares. Book building is expected to start today, and the share sale will be priced on September 23rd.
• US officials have said they are investigating the cause of yesterday’s fire on Mariner Energy’s Vermilion Block 380, Gulf of Mexico oil and gas platform.
Geopolitical News:
• Japan imposed additional sanctions against Iran over its disputed nuclear programme today, following the lead of the US in putting pressure on Tehran despite Tokyo's reliance on oil imports from the country.
• Venezuela has announced it has reduced oil exports to the US, and increased exports to China, as part of a bid to diversify its export market.
**BP & the Gulf of Mexico Oil Spill**:
• BP said the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was a fortnight away from sealing the well for good. BP are currently spending around USD 90mln per day dealing with the disaster. Yesterday evening after days of delay due to bad weather, BP has successfully removed the cap on the Macondo well.
• BP also indicated that there had been no major uptick in the amount of money being handed out to those affected by the spill, under the new independent compensation system. The company paid out around USD 3.5mln per day, broadly in line with the amount paid before BP handed over responsibility for administering claims. There have been fears that the new system could take a more generous approach to paying out damages.
Weather news:
The Weather Insight forecast sees temperatures for the next 6-10 days in the US to be 1.5F below the 10-year average for this time of year and 0.3F higher the 30-year average.
• Northeast: forecasts that temperatures have fallen 0.5F over the last 12 hrs
• Texas: forecasts that temperatures have risen 0F over the last 12 hrs
• Southeast: forecasts that temperatures have fallen 0.3F over the last 12 hrs
• West: forecasts that temperatures have fallen 0.6F over the last 12 hrs
The NHC reports that Hurricane Earl as has passed to the east of Cape Hatteras. Hurricane warnings have been discontinued south of Cape Lookout, NC, and for the western portion of the Ablemarle Sound. The NHC also reports that Tropical Storm Fiona is moving Northward, with no change in strength.
