Energy Intelligence Briefing articles from May 2006

Energy Intelligence Briefing archives from May 2006

Russian crude oil loadings surge ahead of tax bump.
May 1, 2006... MOSCOW -- With sharply higher crude export duties looming on the horizon, Russia is significantly boosting its seaborne export program in May. Moscow has penciled in seaborne exports of 2.892 million barrels per day (12.231 million metric...

Oil demand picks up again as data gets closer look.
May 2, 2006... NEW YORK -- Preliminary data indicate that global oil demand increased by 910,000 barrels per day in April compared with April 2005, adding to the tightness that is driving oil prices higher. The growth pushed oil consumption to 83.63 million...

Iraq expects steady oil export increases after repairs.
May 3, 2006... NEW YORK -- Building on Iraq's increasing export volumes in the past months, traders have now scheduled 31 tankers to lift 1.65 million barrels per day of Basrah Light crude in May from the country's two southern oil outlets, the Basrah Oil...

West African loadings signal possible market cooling.
May 5, 2006... LONDON -- June-loading West African crudes suffered a slight cooling in early May amid slower Asian buying of medium and heavy fare and tougher bargaining on light, sweet Nigerian grades destined for the US. The key question is whether this...

Market compass.
May 5, 2006... LONDON -- Crude oil futures have had another extremely volatile period over the past month, this time with front-month Brent trading a $7.87 per barrel range from a low of $67.10 on Apr. 5 to a $74.97 high on May 3, back down to $69.79 on May 4...

More inventory revisions might upset spring routine.
May 16, 2006... NEW YORK -- With the exception of high crude oil stocks in the US, the oil market is performing very much according to its normal spring inventory script, using accumulated crude to build product stocks ahead of the summer. But EIB sister...

Volatile North Sea loadings reflect undecided market.
May 17, 2006... LONDON -- Trading activity surrounding North Sea loadings for May and June reflect a general change toward a less frantic tone in oil markets, as May differentials eased and some cargoes remained unsold this week. But the bounce-back from early...

Ex-Enron workers see Houston jury verdict as justice.
May 25, 2006... HOUSTON -- Retired Houston Natural Gas pipeline hand Jimmy Roton summed up in three words his feelings about Thursday's verdict in the trial of former Enron Chief Executives Ken Lay and Jeff Skilling: "Justice was served." Roton had gathered...

Opec likely to cut oil output quietly, not in public.
May 26, 2006... NEW YORK -- At Opec's meeting on Jun. 1 in Caracas, Venezuela, ministers are expected to discuss the consequences of high oil prices and the possibility of cutting production but, once again, there will likely be no action taken. Atlantic basin...

Moscow only trims exports despite hefty tariff hike.
May 30, 2006... MOSCOW -- Despite a bruising hike in Russia's export duties, the country's prospective seaborne crude exports for June saw only modest downturn, according to the schedules signed by Russian pipeline monopoly Transneft. Seaborne crude shipments...

Market compass.
May 30, 2006... LONDON -- Brent crude oil futures have had a $7.24 per barrel roller coaster ride over the past month from a $74.97 high on May 3 to a $67.64 low on May 22. In between those two extremes, the front month contract gyrated through high volatility...

Opec meets "to stabilize market" not change policy.
May 30, 2006... CARACAS -- Opec is expected to leave in place its informal policy of producing as much oil as the market needs and will not change its official output ceiling when ministers meet on Thursday in Caracas, Venezuela. The organization of oil...

Iran offer from US preempts Chavez anti-US rhetoric.
May 31, 2006... CARACAS -- The surprise US offer on Wednesday to join in negotiations with Iran in exchange for an immediate suspension of Iran's nuclear enrichment program predictably led to short-term weakness in oil prices. But things could turn very...