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SPECIAL PDF REPORT - WANG TAO TECH ANALYSIS Q1 PDF:
Reuters' technical analyst Wang Tao expects spot gold's medium-trend downtrend that started at the Sept. 6, 2011 high of $1,920.30 to continue through the first quarter of the year, pushing prices down to $1,417 per ounce over the period. Falls also lie in store for base metals, Wang Tao added.
For a PDF of his first-quarter technical analyses on commodities and energy prices, please click here
COLUMN:
Exports to bring no relief for US gas producers: Kemp
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, Jan 11 (Reuters) - U.S. gas producers hoping exports will bring some relief from intense downward pressure on U.S. gas prices look set to be disappointed.
Large-scale exports could throw a lifeline to beleaguered domestic producers struggling with prices that recently slumped below $3 per million British thermal units as a result of the glut of fresh supplies accompanying the shale revolution.
Bullish China oil demand depends on storage: Clyde Russell
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
SINGAPORE, Jan 12 (Reuters) - There appears to be an emerging consensus that China's oil demand will accelerate in 2012 compared to last year, with consumption slated to jump by more than half a million barrels a day.
Such an increase would take China's crude demand to around 9.5 million barrels a day.
MARKET NEWS:
Brent up as tensions between Iran, West mount
SINGAPORE, Jan 12 (Reuters) - Brent rose above $113 as worries about supply disruptions from Nigeria and Iran offset pressure from a high inventory build and persisting euro zone debt woes.
"Clearly, there are reasons for the market to be jittery," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.
Euro claws higher but gains seen capped
TOKYO, Jan 12 (Reuters) - The euro struggled higher in Asia, moving away from a fresh 16-month low hit overnight, but its gains were capped ahead of a bond sale by Spain that is seen as a test of confidence in Europe's ability to meet its funding needs. "China easing is the basic expected scenario, to avoid a hard landing, and there was nothing [in the data] to change that expectation," said Masashi Murata, a currency strategist in Tokyo at Brown Brothers Harriman.
Debt sale, ECB meeting pressure euro, stocks
LONDON, Jan 12 (Reuters) - Nervous investors kept the euro and stocks within narrow ranges with interest focused on any signal from the European Central Bank's rate meeting about a policy easing and a Spanish bond sale that will test demand for Europe's debt.
"There's a possibility the ECB will prepare the market for more rate cuts, and that should be negative for the euro," said Marcus Hettinger, global currency strategist at Credit Suisse in Zurich.
TOP NEWS:
Bangladesh permits private firms to import fuel oil
DHAKA, Jan 12 (Reuters) - Independent power producers will be allowed to import fuel oil directly into Bangladesh to supply dozens of new turn-key electricity generating units, a government power official said on Thursday, ending a monopoly on imports held by the state-owned petroleum company.
State-run Bangladesh Petroleum Corporation has faced logistical hurdles of storage and finance in fuel oil imports and accepted a proposal by the Bangladesh Power Development Board to allow independent power producers to import directly, said Mohammad Saiful Islam, a director with the power board.
Indian refiners not told to cut Iran oil imports-official
NEW DELHI, Jan 12 (Reuters) - An Indian oil ministry official denied on Thursday that the government had asked refiners to reduce Iranian oil imports, adding an existing mechanism through Turkey to pay for the shipments was working despite U.S. sanctions against Tehran.
"We have not asked companies to cut imports from Iran," Sudhir Bhargava, additional oil secretary, told reporters. He added India was looking for alternative supplies and that an existing payment mechanism was working. He didn't explain why India was looking for alternative supplies.
Japan vows "concrete" steps to cut Iran oil reliance
TOKYO, Jan 12 (Reuters) - Japan pledged on Thursday to take concrete action to cut Iranian oil imports in response to an appeal for support from visiting U.S. Treasury Secretary Timothy Geithner, as Washington steps up efforts to sanction Tehran over its disputed nuclear programme.
Geithner welcomed Tokyo's cooperation, an encouraging sign for U.S. foreign policy after China rebuffed U.S. sanctions aimed at starving Iran of the oil revenues that provide the country of 74 million people with a vital economic support.
Japan crude stocks rise to 2-1/2 month high
TOKYO, Jan 12 (Reuters) - Japan's commercial crude inventories rose last week for the second straight week to hit a 2-1/2-month high as oil companies curbed refining to reflect weak demand for gasoline, industry data showed on Thursday.
The refinery utilisation rate fell by 2 percentage points to 88 percent in the week to Jan. 7 after hitting the highest rate since March 2008 in the previous week.
Vietnam's Petrolimex to import 7 mln T oil products in 2012 -exec
HANOI, Jan 12 (Reuters) - Vietnam's top fuel distributor Petrolimex plans to import at least 7 million tonnes of oil products this year, a senior executive said on Thursday.
"This is the quota from the Ministry of Industry and Trade. We may import more than this if the demand of the domestic market is higher," said Vuong Thai Dung, Petrolimex deputy chief executive officer.
India's HPCL offers rare gasoil cargo for export-trade
SINGAPORE, Jan 12 (Reuters) - India's Hindustan Petroleum Corp has offered a rare high sulphur gasoil cargo for export following an outage at its 166,000 barrels per day (bpd) Vizag refinery earlier this month, industry sources said on Thursday.
HPCL is usually a net importer of diesel and rarely exports the product unless there is an issue with its refinery, they said.
Petrobras reserves up 2.7 pct in 2011
RIO DE JANEIRO, Jan 11 (Reuters) - Brazilian state-owned oil giant Petrobras said on Wednesday that its proven reserves of oil and gas increased 2.7 percent in 2011 compared to the previous year.
The company said in a securities filling that its proven reserves of oil and gas reached 16.41 billion barrels of oil equivalent at the end of December, based on the criteria of the Society of Petroleum Engineers.
REFINERY NEWS:
Cosmo Oil quake-hit plant partially resumes Thursday
TOKYO, Jan 12 (Reuters) - Cosmo Oil Co , Japan's fourth-biggest refiner, said it was resuming partial refining operations at its Chiba refinery, east of Tokyo, on Thursday to produce fuel oil mainly for power utilities with feedstock shipped from its other refineries.
It is the first resumption of any operation since the March 11 earthquake at the Chiba refinery, the biggest of Cosmo's four refineries, which was shut due to a fire that broke out after the quake and engulfed its liquefied petroleum gas tanks.
Valero warns of flaring from turnaround at Wilmington
Jan 11 (Reuters) - Valero Energy Corp said on Wednesday a planned flaring notification was associated with a planned overhaul at its 80,887 barrel-per-day refinery in Wilmington, California.
The flaring is expected to take place from Jan. 13 to Jan. 20, the filing with South Coast Air Quality Management District said.
Exxon reports wet gas compressor trip at Beaumont
Jan 11 (Reuters) - Exxon Mobil Corp reported a wet gas compressor in the coker tripped on Wednesday at its 344,500 barrel-per-day (bpd) refinery in Beaumont, Texas, in a filing with state regulators.
The filing said the compressor is back online and the refinery has returned to normal operations.
Citgo:Monday rain cuts unit rates at Lake Charles
Jan 11 (Reuters) - Citgo Petroleum Corp on Wednesday said a reduction in steam supply during heavy rain in the area led a temporary reduction in rates of two units on Monday at its 429,500 barrel-per-day refinery in Lake Charles, Louisiana.
"Refinery production was not impacted," a company spokesperson said in an email.
Exxon warns of flaring, breakdown at Torrance refinery
Jan 11 (Reuters) - Exxon Mobil on Wednesday warned of planned flaring, breakdown at its 149,500 barrel-per-day Torrance, California, refinery, according to a filing with pollution regulators.
The flaring event would take place from Jan. 12 to Jan. 15, the filing with South coast Air Quality Management District said.
BEYOND THE HEADLINES:
U.S. wins Japan support over Iran nuclear programme
TEHRAN, Jan 12 (Reuters) - The United States, which has denied any U.S. role in the killing of an Iranian nuclear scientist and condemned the attack, won Japan's support on Thursday for tougher sanctions against Tehran over a nuclear programme that the West fears is for atomic arms.
Japan pledged to take concrete action to cut Iranian oil imports after visiting U.S. Treasury Secretary Timothy Geithner urged major importer Tokyo to help starve Iran of vital oil revenues. In Iran, sanctions are biting, with the rial currency losing 20 percent of value against the dollar in the past week.
US Republicans move to control Keystone approval
WASHINGTON, Jan 11 (Reuters) - U.S. Congressional Republicans, who are urging President Barack Obama to give a permit to the Canada-to-Texas Keystone XL oil pipeline project, are working on a plan to take the reins of approval from the president should the White House say no.
Senator John Hoeven of North Dakota, a state counting on TransCanada Corp's pipeline to help move its newfound bounty of shale oil, is drafting contingency legislation that would see Congress green-light the project, an aide told Reuters.
Turkey to gain in Europe gas pipeline race
LONDON, Jan 11 (Reuters) - Turkey stands to gain most from major movements in Europe's gas supply infrastructure expected in 2012 as both Russia and Azerbaijan negotiate pipeline contracts to ship gas to the European Union through the Bosporus.
BP and Statoil lead Azerbaijan's Shah Deniz II gas project which is expected to declare a winner in April to transport its 10 billion cubic metres (bcm) of gas per year to Europe.
Trafigura sees chance of oil spike above $130
GENEVA, Jan 11 (Reuters) - Oil prices will average between $115-120 a barrel this year, the highest annual level on record, and could briefly spike above $130 if Iran blocks the Strait of Hormuz, the chief economist for trading house Trafigura told Reuters.
Most commodity markets are set to finish this year higher than they started as monetary easing will spur growth in emerging markets, Trafigura's Alan Williamson said, but a thin oil supply buffer means it could surge sooner and faster than the rest of the asset class.
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