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ENERGY MARKETS REPORT INCLUDING: According to reports, North Korea have developed a new long-range artillery system

22nd Feb 2012, 10:48 am
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WTI started the European session in a strong position following positive performance in the Asian indices, however, WTI has fallen into negative territory ahead of the North American open following disappointing manufacturing PMI data from Europe as well as a strong USD index. 

Oil & Gas News: 

•   China, India and Japan are planning cuts of at least 10% in Iranian crude imports as tightening US sanctions make it difficult for the top Asian buyers to keep doing business with the country. These countries together buy around 45% of Iran’s crude exports. 

•   Japan is hoping to reach an agreement to import liquefied natural gas from US projects in Louisiana and Maryland at a summit meeting slated for this spring, according to Japanese press. 

Geopolitical News: 

•   The White House have said there is still time and space for diplomacy to work and for Iranian behaviour to change with regards to the current nuclear issue, and that Israel and the US share the same objective, which is to prevent Iran from acquiring a nuclear weapon. 

•   The IAEA have said Iran denied them access to its Parchin military site during their visit, adding that it had failed to agree with Tehran on how to move forward in settling unresolved issues concerning its nuclear programme. An IAEA inspector has said they are unable to formalize a way forward with Iran. 

•   Iran have commented on the IAEA visit saying that they expect to continue to hold more talks with the UN nuclear watchdog.

•   Iran’s Deputy Oil Minister has said Iran will not sell oil to any company that gives oil to Britain or France, further to comments from over the weekend.  

•   According to the Iranian Supreme Leader Khamenei, the country is not seeking nuclear weapons, however he did further comment that Iran’s nuclear course cannot be stopped even when under pressure from sanctions and assassinations. 

•   According to reports, North Korea have developed a new long-range artillery system. 

Corporate News: 

•   A joint venture between ExxonMobil and OMV Petrom has confirmed the discovery in the Domino-1 well of a potentially significant gas discovery in offshore Romania. The well encountered 70.7m of net gas pay. 

•   Centrica has splashed out USD 388mln on a raft of central North Sea assets from Total just days after an executive at the company revealed it was in talks on a deal. 

•   Shell has tabled an offer to snap up Cove Energy for almost USD 1.6bln less than two months after the company announced it was for sale. 

•   China's CNOOC Limited has wrapped up its USD 1.47bln cash purchase of a stake in Tullow Oil’s Ugandan assets, the company has announced.

Weather news:

According to Weather Derivatives, temperatures are 2.8% below average for this time of year in the US. Using data correct on 21st Feb.

 

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