Energy Intelligence Briefing articles from May 2004

Energy Intelligence Briefing archives from May 2004

Prices again defy supply demand balances in April.
May 4, 2004... Demand and supply both appear to have declined marginally in April, according to preliminary assessments made by EIB's sister publication Oil Market Intelligence. Supply fell slightly less than demand compared with March, leaving a hefty...

Undeterred by attacks, Iraq maintains record exports.
May 5, 2004... Undeterred by dire warnings from coalition maritime security forces, oil companies hungry for Basrah Light crude--now at about $35 per barrel f.o.b. US Gulf--are lining up tonnage for exports from Iraq's Basrah Oil Terminal in the Mideast Gulf,...

Market eyes Iraqi attacks, mulls over Saudi oil offer.
May 10, 2004... NEW YORK -- Saudi Arabia's call on Opec producers to increase the organization's official output ceiling had the desired effect Monday, as speculators selling the market knocked $1 off oil prices--even though traders dismissed the Saudi...

Veteran US gas man back in biz with $2.2 billion deal.
May 21, 2004... HOUSTON -- Texas energy tycoon Oscar S. Wyatt is back in the natural gas pipeline business. Wyatt's NuCoastal and a group of private investors and financial institutions are acquiring the remaining US natural gas pipeline assets of bankrupt...

Saudis to supply more oil, seek higher Opec ceiling.
May 21, 2004... AMSTERDAM -- In an aim to cool the overheated oil market, Saudi Arabia is boosting supply to 9 million barrels per day in June and will propose increasing the Opec output ceiling by at least 2 million b/d, from the current 23.5 million b/d....

Higher June North Sea loadings broadly price neutral.
May 21, 2004... The North Sea May loading programs for the eight principal Norwegian and UK crude oil systems at 96.64 million barrels show a small 1.71 million bbl--or 1.8%--increase against May. Taking into consideration that June has one production day less...

West African loadings face push and pull of US, Asia.
May 21, 2004... As America's driving season gets off to a bumper start, sellers of West African crudes face mixed fortunes. Rampant gasoline demand and rocketing US refining margins have sustained a healthy trans-Atlantic appetite for Nigerian light, sweet...

Saudi Arabia promises US to maximize output.
May 23, 2004... AMSTERDAM -- Saudi Arabian Oil Minister Ali Naimi promised his US counterpart, Energy Secretary Spencer Abraham, on Sunday that the kingdom would increase oil production to its current maximum capacity of 10.5 million barrels per day, if...

Oil soars to record close as Opec loses market grip.
May 24, 2004... AMSTERDAM -- Opec seems to have lost its grip on world oil markets. US crude futures soared nearly $2 per barrel on Monday to a record closing price of $41.72 despite vigorous promises by the world's largest producer, Saudi Arabia, to pump at...

Lack of spring collapse raises 2004 oil price prospects.
May 24, 2004... NEW YORK -- Record oil prices in the spring--with surplus production and after more than a year of already high prices--does not fit the model of normal market behavior. Over the years, however, oil markets have been notorious for confounding...

Saudi terror attack ratchets up oil industry pressure.
May 31, 2004... Saudi Arabia is in a state of shock after the weekend's terrorist attacks in Al-Khobar, part of the kingdom's Eastern Province oil hub where most contractors are based, which lies just a few miles from state Saudi Aramco's headquarters in...