Energy Intelligence Briefing articles from May 2009

Energy Intelligence Briefing archives from May 2009

Easing North Sea loadings welcomed by loose market.
May 5, 2009... LONDON -- The May crude oil loading schedules for the eight principal Norwegian and UK crude oil systems will make it just a little easier to balance a very slack physical market, as they show a 120,000 barrel per day, or 5.4%, decline in...

Demand still contracting despite signals of recovery.
May 6, 2009... WASHINGTON -- Although there are signs that the global economic slide might start bottoming out, world oil demand continued to contract at a hefty 3.75% in April, compared with April 2008. The relatively supportive macroeconomic data, and the...

Saudi Arabia walks tightrope setting June oil prices.
May 7, 2009... NEW YORK -- European refiners with a Saudi Arabian term contract said the implied price increases for June-loading cargoes were in line with expectations. But Asian clients grumbled, and those in the US were given a breather to make up for what...

High price, internal disobedience clip Opec's wings.
May 26, 2009... VIENNA -- Ahead of their May 28 meeting in Vienna, Opec ministers have basically ruled out any change in its official output target at the current unexpected generous price of oil. "Stay the course," was the message from Saudi Arabian Oil...

North Sea maintenance contributes to price buoyancy.
May 26, 2009... LONDON -- Maintenance outages in the North Sea have helped firm up Norwegian and UK grade differentials in a global market that appears to be defying the gravity of an increasingly stunning fundamental surplus of supply over demand and a...

Opec projects optimism despite obvious crude oil glut.
May 28, 2009... VIENNA -- Opec said on Thursday that although the current economic situation looks dire and the oil market is still oversupplied, the recession might bottom out by year-end and so it has kept its formal 24.845 million barrel per day output...

Saudi crude supplies to US in March at 21-year low.
May 29, 2009... VIENNA -- In a clear sign that Saudi Arabia is aggressively cutting back supplies, US crude imports from the kingdom dropped to 944,000 barrels per day in March--the lowest monthly volume since November 1988. Saudi Arabia has sharply cut...

June Russian crude exports dive as more stays home.
May 29, 2009... MOSCOW -- A revived domestic market and construction work at one of Russia's main export outlets have led to a sharp drop in Russian oil firm's export plans for June. Russian crude oil pipeline Transneft has penciled in seaborne oil exports of...

Market compass.
May 29, 2009... Old-style fundamentalists will say that a rocket taking front-month July ICE Brent crude oil futures contract to yet another intraday high of $65.70/bbl in the face of evident over-supply and moribund demand must have been fueled by nothing...