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ENERGY MARKETS REPORT INCLUDING: Mexico may allow private investment in its oil and gas for the first time since 1938April 26 2012, 11:32am
WTI and Brent crude futures trade sideways ahead of the NYMEX pit open with no real direction. Energy participants can look forward to the EIA natural gas storage figures due at 1530BST/0930CDT. Analyst estimates currently stand at a change of 46BCF.
Oil & Gas News:
• China hopes that shale gas could become a cheap and plentiful new fuel source in the same way that it has in the US, where domestic gas prices recently hit a 10-year low. For policy planners in Beijing, shale gas could be part of the answer to reducing China’s dependence on imported energy.
• Japan’s imports from Iran fell 6.3% in March from a year ago amid tightening Western sanctions.
• The head of the Israeli military believes Iran will not build an atomic bomb, arguing that the country’s leadership is ‘rational’.
• Lloyd’s Register, a leading maritime risk management firm, has shut its operations in Iran and can no longer vouch for the safety of Iran’s fleet due to Western sanctions, according to the head of the company.
• China extended what it may have intended as an olive branch to the US, Japan and Europe in their dispute over rare earths even as it defended its export controls. China’s Ministry of Industry and Information Technology has invited foreign companies to team up with local firms on rare-earth technology ventures.
• Dozens of residents were evacuated from their homes after a Chesapeake Energy operated well leaked natural gas and drilling mud in Wyoming.
• Royal Dutch Shell have reported their Q1 production was 3.55MBPD from 3.50MBPD a year earlier. The company CFO has said there are three Alaska planned, pending litigation.
• Mexico may allow private investment in its oil and gas for the first time since 1938. The state monopoly Petroleos Mexicanos currently has USD 126bln in revenue.
The latest Weather Derivatives update forecasts temperatures in the US for the next 6-10 days to be 3.0% warmer than normal for this time of year with the South-central region experiencing the most unseasonably warm weather. Using data accurate on the 25th April.
AccuWeather have reported that the Atlantic will have an average hurricane season this year, with 12 named storms. These storms are of interest to oil and natural gas assets in the Gulf of Mexico.