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ENERGY MARKETS REPORT INCLUDING: IEA says fossil fuel subsidies to reach USD 660bln in 2020 without further reform
October 04 2011, 12:48pm
WTI crude futures traded under continued pressure during the European session as Euro-zone concerns continued to weigh on prices.
Oil & Gas News:
• Libya’s NOC chairman reiterates it will take up to 15 months to reach full pre-war output. NOC chairman says total oil production is currently at 350,000 BPD.
• Iran to propose maintaining OPEC output quotas at next OPEC meeting according to the oil ministry website.
• Qatar energy minister says declining oil price today is in response to Euro-zone financial situation, not supply and demand.
• Kuwait to extend long imports into November, import up to 47 cargoes in 2011 according to KPC executive. Kuwait oil output rose to 2.87 MBPD in August on higher demand according to an OPEC delegate.
• Goldman Sachs cut its year-end forecast for Brent crude to USD 112.50 a barrel from USD 120. Goldman forecast that Brent/WTI spread will narrow to USD 16, USD 13, USD 6.5 in favour of Brent on 3, 6, 12 month horizon.
• IEA says fossil fuel subsidies to reach USD 660bln in 2020 without further reform.
• OPEC’s average crude price is now below USD 100 per barrel for the first time since February.
Geopolitical News:
• Syrian troops going house to house have detained more than 3000 people in the past three days in the rebellious town of Rastan, which saw some of the worst fighting of the 6-month-old uprising recently according to activists.
Corporate News:
• Royal Dutch Shell is to buy back all distillate cargoes it is unable to deliver due to force majeure after the Singapore refinery fire.
• Statoil could yet extend the contract for the semi-submersible unit Songa Dee at the Gullfaks field for another year following the latest deal between the pair. Songa Offshore will receive at least another USD 240 million from Statoil.
Weather News:
Weather Derivatives forecast sees average temp. in the US for the next 6-10 days to be 6.6F above the average at this time of the year. The data is accurate as that of 3rd October, 2011.
The NHC reports:
• Tropical Storm Philippe continues to survive against the odds. Philippe is moving toward the west near 10mph but is forecast to slow down and turn to the northwest on Wednesday. Some strengthening is possible during the next 48 hours and Philippe could become a hurricane on Wednesday.
• Showers and thunderstorms associated with a weak area of low pressure located about 600 miles south-west of Manzanillo Mexico have become a little better organized during the past several hours. Development of this system is expected to be slow to occur as it moves westward at about 10mph during the next couple of days. This system has a low chance (20%) of becoming a tropical cyclone during the next 48 hours.
