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ENERGY MARKETS REPORT INCLUDING: ExxonMobil is planning a small sale of oil and gas production assets in the Gulf of Mexico

Last updated: 07:26 06 Oct 2010 EDT, First published: 06:26 06 Oct 2010 EDT

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WTI Crude futures have traded in minor positive territory for most of the European session, supported by a weakening USD Index (-0.1%) as the market continues to anticipate further easing measures from the Federal Reserve.
 
Oil & Gas News:
•         Bank of America Merrill Lynch have said that low interest rates from OECD countries will give oil prices strong support.
•         Goldman Sachs have advised that crude oil prices may increase to between USD 85-95 a barrel by the end of the year due to declining stockpiles in the US.
•         A French port strike at the Fos-Lavera oil hub is continuing for a 10th day today, with 17 crude oil tankers and 15 refined product vessels now being blocked. A CGT union official has said that no new talks are planned for now between the strikers and port management.
•         The Natural Gas Supply Association have released a report saying that natural gas demand from the US will increase by 2.4% this winter, however the rise will be offset by an expected increase in US natural gas production of 4.2%
•         The Houston Ship Channel will remain closed today as work continues on the damage tower which carries electrical cables over the channel.
 
Corporate News:
•         ExxonMobil is planning a small sale of oil and gas production assets in the Gulf of Mexico, primarily shallow water installations.
•         Technip is to buy an 8-9% stake in Malaysia Marine and Heavy Engineering (MMHE) when it undertakes its initial offering, the deal underwriter Maybank said today.
•         Repsol is aiming to sell stakes in its Argentinean unit to local investors.
•         Chevron have declared a fore majeure in regards to exports of crude oil from their Indonesian unit after wells were shut on September 29th.
 
Geopolitical:
•         South Korea has said that the threat from North Korean nuclear weapons has reached an alarming level, and North Korea is now trying to miniaturise weapons to improve their mobility.
 
Yesterday’s API data:
•         US API Crude Oil Inventories W/W (Oct 1) 4442K vs. Prev. -2415K
•         US API Cushing Crude Inventory W/W (Oct 1) 749K vs. Prev. -399K
•         US API Distillate Inventory W/W (Oct 1) -777K vs. Prev. -2814K
•         US API Gasoline Inventories W/W (Oct 1) -4059K vs. Prev. 3018K (RTRS)
 
Looking ahead to today’s DOE figures:
•    US DOE Crude Oil Inventories (Oct 1) M/M Exp. 413K vs. Prev. -475K (High 2000K, Low -1500K)
•    US DOE Gasoline Inventories (Oct 1) M/M Exp. -250K vs. Prev. -3469K (High 1500K, Low -2500K)
•    US DOE Distillate Inventory (Oct 1) M/M Exp. -1000K vs. Prev. -1265K (High -257K, Low -1500K)
•    US DOE US Refinery Utilization (Oct 1) M/M Exp. -0.45% vs. Prev. -2.00%% (High 0.25%, Low -1.00%)
 
Weather news:
The Weather Insight forecast sees temperatures for the next 6-10 days in the US to be 0.3F above the 10-year average for this time of year and 0.5F higher  the 30-year average.
• Northeast: forecasts that temperatures have risen 0.5F over the last 12 hrs
• Texas: forecasts that temperatures have fallen 0.7F over the last 12 hrs
• Southeast: forecasts that temperatures have risen 0.8F over the last 12 hrs
• West: forecasts that temperatures have risen 0.8F over the last 12 hrs
 
The NHC reports that Subtropical Depression Seventeen has formed over the Western Atlantic Ocean; however there are no coastal warnings or watches in effect.

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