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ENERGY MARKETS REPORT INCLUDING: Morgan Stanley has cut its 2012 forecast for natural gas futures by 30%

31st Jan 2012, 11:55 am
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Both Brent and WTI crude futures are trading in strong positive territory ahead of the North American open following renewed optimism from the signing of a fiscal pact in Europe late last night as well as higher than expected Industrial Production figures reported from Japan pressing speculation over future fuel demand.

Oil & Gas News:

•   Turkey has taken Iran to arbitration over the price paid for natural gas imports after Tehran rejected Turkey’s complaint that the price is too high.

•   Morgan Stanley has cut its 2012 forecast for natural gas futures by 30% to an average of USD 2.70 per MBTU.

Geopolitical News: 

•  Three Republican US senators plan to introduce legislation that would bypass US President Obama’s rejection of the controversial Keystone XL pipeline and assert Congress’ authority to approve the project.

•  Germany wants China to limit Iranian oil imports, according to a German government source ahead of an official visit to China from German Chancellor Merkel. 

•  Kuwait is said to be working on a contingency plan should the Strait of Hormuz be blocked, according to a source.

•  US lawmakers are said to be taking the next step on new Iran oil sanctions, aimed at choking funds used by Tehran to fund nuclear development.

Corporate News:

•  A US Congressman believes Spanish explorer Repsol should be “bled” for maximum compensation in the event of an oil spill from drilling operations off Cuba that could devastate the Florida coastline, according to a report. Repsol is set to start drilling imminently off the Cuban and Floridian coast. In other company news, shares fell by 2.7% in Madrid following discussions of a takeover of its Argentine YPF unit reported in Argentinean press.

•  BP have said it is too early to say when Foinaven oilfield in Scotland will restart, adding that it is likely to be weeks rather than days. The company have also warned of planned flaring at their Carson, California refinery.

•  France’s Total are to take a stake in Kuwait’s China joint venture refinery project.

•  London-listed Gulfsands Petroleum has encountered hydrocarbons in an appraisal well in Syria, with drill cuttings indicating the presence of both oil and gas in the formation.

•  Bluewater Gas Storage has applied to build a 300,000 MCF/D pipeline between Canada and its Michigan storage facility, according to documents released Monday by the US Federal Energy Regulatory Commission.

•  Petroplus administrator PWC is still in talks to secure crude oil supplies to the Coryton refinery, according to a regional union organiser.

Weather news:

Weather Derivatives forecast sees average temp. in the US for the next 6-10 days to be 2.8% above the average at this time of the year. The data is accurate as of 30th January, 2012. There are no tropical cyclones at this time.

All 12 regions in Japan are expected to experience below-average temperatures in the month from January 28 to February 27, the weekly weather forecast released Friday by the Japan Meteorological Agency showed.

 

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