Energy Intelligence Briefing articles from June 2009

Energy Intelligence Briefing archives from June 2009

Despite glimmer of recovery, demand still extremely weak.
June 2, 2009... WASHINGTON -- Global oil demand is still weak against the backdrop of the ongoing recession, but positive signs have emerged in the US and China that may indicate a recovery is starting to emerge. Nonetheless, given the huge 2 million barrel...

Asian refiners feel Saudi pricing gives them raw deal.
June 5, 2009... NEW YORK -- Asian refiners, many already facing negative margins, are unhappy with Saudi Arabia's prices for July crude liftings, which effectively lift the cost of their cargoes from state Saudi Aramco by some 40cents per barrel. Saudi July...

Brisk start to trade of West African July oil cargoes.
June 5, 2009... LONDON -- After a bullish fortnight, trading in July-loading West African crude has slowed--primarily because the bulk of cargoes has been sold. Angola has cleared all but a handful of cargoes, although Nigeria, which tends to release programs...

Iraq lifts oil volumes in north, shifts Basrah to Asia.
June 8, 2009... LONDON -- Iraqi State Oil Marketing Organization (Somo) has raised its term contract allocations for exports from the northern Kirkuk streams by nearly 100,000 barrels per day to 587,000 b/d for the second half of 2009, versus the first half of...

Floating crude oil storage falls, products on the rise.
June 12, 2009... NEW YORK -- Traders have most likely sold up to 30 million barrels out of floating crude storage in May, shipping data show, and more may be on the way in June since it no longer pays to add to crude storage. On the products side, floating...

OMI: floating storage falls, onland stocks still flush.
June 16, 2009... WASHINGTON -- The amount of crude in floating storage has decreased now that a narrowing contango has taking away the profit incentive to store, EIB sister publication Oil Market Intelligence notes in its latest monthly report, released on...

Russian crude oil exports set for third-quarter drop.
June 19, 2009... MOSCOW -- Despite steady demand for exports, Moscow has scheduled a moderate third-quarter decline in overall crude oil exports through the Transneft crude oil pipeline network. According to the energy ministry's finalized quarterly schedule...