To download the full report (PDF document) please click here
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:
America's hidden 60 million barrel a day industry: Kemp
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, Jan 16 (Reuters) - The biggest output of the U.S. oil and gas industry is not oil or gas but dirty water.
Every day, U.S. oil and gas producers bring to the surface 60 million barrels of waste water, with a salt content up to 20 times higher than sea water and laced with hazardous chemicals.
China data show commodity sweet spot: Clyde Russell
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
SINGAPORE, Jan 17 (Reuters) - China's growth numbers confirm that the world's biggest commodity user is in something of a
sweet spot, achieving the desired cooling of its economy while remaining resilient enough to be the engine of global demand.
Key indicators such as gross domestic product (+8.9 percent in the fourth quarter), December industrial output (+12.8 percent) and retail sales (+18.1 percent) all beat analysts' estimates.
MARKET NEWS:
Oil up above $112 on China data, weak dollar
LONDON, Jan 17 (Reuters) - Oil prices rose above $112 supported by a weaker dollar and on expectations of steady demand growth after China, the world's second-largest oil consumer, posted stronger-than-expected economic growth.
"There is general positive market sentiment today - it's not just oil which is up today, it is almost everything," said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt.
Euro firm along with commodity currencies on China
LONDON, Jan 17 (Reuters) - The euro rose for the first time in three trading sessions, while commodity currencies advanced as data showing China's economy grew more than expected in the fourth quarter gave risk sentiment a shot in the arm.
"I don't think the euro's gains can last and this short squeeze that we have seen post- the Chinese data will continue," said Ankita Dudhani, G10 currency strategist at RBS.
Chinese growth hopes lift stocks, euro
LONDON, Jan 17 (Reuters) - A slightly brighter picture for global economic growth countered concerns over Europe's debt crisis, lifting shares and the euro, but German data, Greek default fears and a looming debt sale by Spain were set to test sentiment.
"The slowdown is quite modest, and the overall situation of the Chinese economy is stable," said Hua Zhongwei, analyst with Huachuang Securities in Beijing.
TOP NEWS:
India's ONGC: talks with ConocoPhillips at nascent stage
MUMBAI, Jan 17 (Reuters) - Indian state-run explorer Oil and Natural Gas Corp has denied media reports that it had signed a
memorandum of understanding with ConocoPhillips for selling stakes in oil and gas blocks.
"We are denying this. The discussions are at a very nascent stage," an ONGC spokeswoman told Reuters.
Anadarko reports another gas strike offshore Mozambique
Jan 17 (Reuters) - U.S. oil and gas company Anadarko Petroleum said it had made another gas strike offshore Mozambique,
adding the well was its best so far in the region.
Anadarko said the Lagosta-2 appraisal well, 7 kilometeres north of the Lagosta discovery, encountered a total of 777 net feet
of natural gas pay in multiple zones.
India's Reliance, ONGC may export less Feb naphtha
SINGAPORE, Jan 17 (Reuters) - India's Reliance Industries and Oil & Natural Gas Corp (ONGC) may lower their February naphtha
exports due to maintenance of a mooring facility at the Hazira port which would affect loadings/unloadings of cargoes,
traders said on Tuesday.
Two maintenance are scheduled to be carried out at the single point mooring (SPM), lasting about 10 days each. One will take
place between late January and early February, and the other between the end of February and early March.
March Pacific crude exports to rise on higher output
SINGAPORE, Jan 17 (Reuters) - Sweet crude and condensate exports from Australia, Papua New Guinea and East Timor are likely
to rise in March from the previous month although a cyclone season in the region may disrupt supply, traders said on Tuesday.
A total of 22-23 cargoes will be available for loading in March, up from the 20 cargoes seen in the previous month as the
production period is longer while a cargo was rolled over, preliminary estimates show.
South Korea frets as U.S. ups oil pressure on Iran
SEOUL, Jan 17 (Reuters) - South Korea, a key U.S. ally, warned the United States on Tuesday it would be difficult to replace
Iranian crude supplies and expressed concern that sanctions pressure could lead to higher oil prices.
Washington wants Asia to cut crude imports from the OPEC member in a bid to pressure Tehran to rein in its nuclear ambitions,
which Washington suspects are geared to making nuclear weapons. It has already secured agreement from European Union states
to ban Iranian crude imports.
Nigeria creates committee to hurry up oil bill
ABUJA, Jan 16 (Reuters) - Nigeria's oil minister, Deziani Allison-Madueke, has set up a committee to speed up the passing of
an oil law meant to completely overhaul Africa's biggest energy industry, her permanent secretary said in a statement on
Monday.
The Petroleum Industry Bill, a huge piece of legislation aimed at changing everything from fiscal terms to an overhaul of the
state oil company, has been under negotiation for more than four years and has faced constant delays.
REFINERY NEWS:
Pertamina to shut Balongan refinery for 30-45 days-sources
SINGAPORE, Jan 17 (Reuters) - Indonesian state energy firm Pertamina plans to shut almost all units at its 125,000 barrels
per day (bpd) Balongan refinery for 30-45 days from mid-March as part of a planned maintenance, five industry sources said on
Tuesday.
The company will likely need to import diesel and gasoline in the spot market, but will try to minimise the imports as much
as possible and try to meet the requirements from term suppliers instead, one of the sources familiar with the matter said.
Conoco Rodeo Calif refinery reports flaring -filing
HOUSTON, Jan 16 (Reuters) - ConocoPhillips' 120,200 barrel per day (bpd) Rodeo, California, refinery reported flaring on
Monday afternoon, according to a notice the refinery filed with California pollution regulators.
The notice filed with the California Emergency Management Agency did not identify the cause of the flaring.
Petroplus shuts Swiss plant, starts maintenance-union
GENEVA, Jan 16 (Reuters) - Swiss-based refiner Petroplus closed its 68,000 barrel per day Cressier refinery on Monday, a
Swiss trade union spokesman said.
The company has had difficulties in securing crude oil supplies after lenders cut access to credit last month.
Conoco Wood River reports flaring-filing
HOUSTON, Jan 15 (Reuters) - ConocoPhillips' 356,000 barrel per day (bpd) Wood River, Illinois, refinery reported unplanned
flaring on Saturday, according to a notice the refinery filed with Illinois pollution regulators.
The cause of the flaring had not been determined, according to the notice filed with the Illinois Emergency Management
Agency.
Citgo Illinois refinery reports upset - filing
HOUSTON, Jan 15 (Reuters) - Citgo Petroleum Corp's 167,000-barrels-per-day Lemont, Illinois refinery reported the failure of
a flare gas compressor on Friday, a notice the plant filed with Illinois pollution regulators showed.
The upset resulted in flaring, according to the notice filed with the Illinois Emergency Management Agency. The refinery was
attempting to restart the compressor.
BEYOND THE HEADLINES:
Statoil's Arctic push to continue - CFO
STAVANGER, Norway, Jan 16 (Reuters) - Two big Arctic oil finds over the past year have confirmed Statoil's strategy of
focusing on the far north for exploration, its chief financial officer said.
Statoil, Norway's top oil firm which has shed businesses to focus on exploration and development, aims to search for oil in
the Arctic waters off Norway, Russia and Greenland in the coming years.
Giant N.Sea oil find may contain less than thought
STAVANGER/STOCKHOLM, Jan 16 (Reuters) - A giant oil discovery in the North Sea that had renewed optimism for a mature oil
region is smaller than first thought, and the area's oil production will continue declining for years to come, new figures
showed on Monday.
Last year Norway's Statoil and Swedish minnow Lundin Petroleum jointly discovered Aldous/Avaldsnes, a field that had been expected to hold between 1.7 billion and 3.3 billion barrels and was the biggest offshore discovery made anywhere in the
world in 2011.
S.Arabia doubts Iran oil blockade claim
TEHRAN, Jan 16 (Reuters) - Saudi Arabia on Monday expressed doubts over Iran's claim it could block the main oil shipping
route out of the Gulf and made clear it was ready to pump more oil after sanctions threatened to cut Iranian sales of crude.
Brent crude rose above $111 on concerns about global oil supplies if sanctions freeze OPEC's second biggest producer out of
the market or push it towards military conflict, while Saudi Arabia said it would work to stabilise the price at $100.
No comments:
Post a Comment