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Daily Energy Wire: Libyan President Gaddafi Is Expected Speak From Hotel In Tripoli |
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09.03.11 08:38 |
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♦ Nymex crude oil closed near $105 a barrel, traded between $103-105. Crude oil fell after speculation that OPEC may hold emergency meeting and raise oil output.
♦ The dollar index gained about 0.4% and the Dow Jones gained about 150 points for the day.
♦ Libya - President Obama, British Prime Minister Cameron and NATO have agreed to move forward in planning possible responses to the country’s unrest. Topics include surveillance, humanitarian assistance, enforcement of the arms embargo, and a no fly zone.
♦ EIA raised its 2011 global oil demand by 70K bpd from its last report to 88.23 mln bpd. EIA lowered 2011 non-OPEC oil production forecast by 30K bpd to 51.75 mln bpd. EIA’s OPEC oil production forecast also fell to 28.95 mln bpd from 29.79 mln bpd. The report showed oil prices to average $102 per barrel in 2011, up $9 from last report. For more information please visit: http://www.eia.doe.gov/steo/
♦ OPEC ministers are considering an emergency meeting ahead of its scheduled meeting on June 8th in Vienna. Kuwait’s oil minister is discussing with other members on oil production increases and options on Libya. Angola’s oil minister says there are no global oil shortages despite disruptions in Libya and Iran’s oil minster says there is no need to increase oil output.
♦ Mastercard SpendingPulse report says that U.S. retail gasoline demand fell 1.8% from last week. Average gasoline demand rose to 8.953 mln bpd, down 1.0% from last year. U.S. retail gasoline prices at the pump rose 19 cents to $3.43 a gallon, up 27.0% from last year.
♦ American Petroleum Institute reported a build of +3.82 mln in crude, a draw of -1.473 mln barrels in distillate, a draw of -3.743 mln in gasoline and refinery capacity at 79.9%. API also reported that Cushing stocks rose +1.653 mln barrels to 40.302 mln barrels and crude imports fell by -711K bpd to 8.195 mln bpd.
Crude Oil:
Crude closed 42 cents lower losing about 0.4% today. Crude fell off its 29-month highs after possible hike in OPEC oil production. Support level will stay at $100 and resistance will also stay at $110 for the moment. Chart remains bullish after failing to close below yesterday’s low. Indicators have remained steady near overbought levels, but losing momentum to the top-side. Things to look out for: rhetoric from OPEC member and Libya’s unrest.
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