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8/3/2019 Energy and Markets Newsletter January 10-2012
http://slidepdf.com/reader/full/energy-and-markets-newsletter-january-10-2012 1/8
January 10,2012
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8/3/2019 Energy and Markets Newsletter January 10-2012
http://slidepdf.com/reader/full/energy-and-markets-newsletter-january-10-2012 2/8
Energy Data Highlights
Retail gasoline price1/9/2012: $3.382/galup$0.083 from week earlierup$0.293 from year earlier
Retail diesel price1/9/2012: $3.828/galdown$0.045 from week earlierup$0.495 from year earlier
Crude oil futures price1/6/2012: $101.56/bblup$2.73 from week earlierup$13.18 from year earlier
Natural gas futures price1/6/2012: $3.062/mmBtu
up$0.073 from week earlierdown$1.372 from year earlier
Weekly coal production12/31/2011: 19.194 million tonsdown1.097 million tons from week earlierup0.167 million tons from year earlier
8/3/2019 Energy and Markets Newsletter January 10-2012
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Crude, Gold, Copper, Aluminum Advance: Commodities at CloseCRUDE OIL -- Futures rose in New York for the first time in four days asVenezuela said OPEC shouldn’t intervene to offset sanctions against Iran,and European leaders were scheduled to discuss strategies for resolvingtheir debt crisis. Brent oil for February settlement on the London-basedICE Futures Europe exchange climbed as much as 81 cents, or 0.7
percent, to $113.26 a barrel. The European benchmark contract was at a$10.92 premiumNATURAL GAS -- Futures were little changed in New York. Gas forFebruary delivery rose 0.1 percent to $3.013 per million British thermalunits on the New York Mercantile Exchange. Prices are 31 percent lowerthan a year agoOIL PRODUCTS -- Gasoil’s premium to Dubai crude rose 18 cents, or 1percent, to $18.93 a barrel, PVM data showed. This crack spread is at thewidest since Dec. 7.PRECIOUS METALS -- Spot gold gained as much as 0.7 percent to$1,623.28 an ounce before trading at $1,617.45 an ounce at 3:57 p.m.Singapore time. It fell 0.4 percent yesterday and dropped 0.3 percent on
Jan. 6. February-delivery bullion advanced 0.6 percent to $1,617.90 anounce on the Comex in New York.GRAINS, SOFT COMMODITIES -- March-delivery corn advanced as much as0.6 percent to $6.56 a bushel on the Chicago Board of Trade, extendingyesterday’s 1.3 percent rise. It traded at $6.54 a bushel at 3:14 p.m.Singapore time. Wheat for March delivery was little changed at $6.4125a bushel, after a 2.7 percent gain yesterday. Soybeans for delivery in thesame month were also little changed at $12.32 a bushel, after a 3.1percent rise yesterdayhttp://www.businessweek.com/news/2012-01-10/crude-gold-copper-aluminum-advance-commodities-at-close.html
Nat Gas: Ready for $1/MMBtu?
BofA Merrill Lynch Global Commodity Research has sharply lowered their US
natural gas price forecasts. While the strength in shale gas output has upset the
supply demand balance in the US natural gas market for some time now,
abnormally low heating demand this winter has further contributed to exacerbate
the surplus - with November and December seeing the warmest winter weather in
over 30 years
http://www.commodities-now.com/commodities-now-news/power-and-
energy/9561-nat-gas-ready-for-1mmbtu.html
Fracking Moratorium Urged by U.S. Doctors Until Health Studies
Conducted
The U.S. should declare a moratorium on hydraulic fracturing for natural gas in
populated areas until the health effects are better understood, doctors said at a
conference on the drilling process
http://www.bloomberg.com/news/2012-01-09/fracking-moratorium-urged-by-u-s-
doctors-until-health-studies-conducted.html
Green/ Alternative Energy News
Florida bills seek renewable-energy overhaul
8/3/2019 Energy and Markets Newsletter January 10-2012
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Florida's energy future is expected to be controversial once again this year as the
legislature begins its session Tuesday.
Some bills propose allowing property owners who produce electricity from
renewable sources to sell it directly to tenants, bypassing the utility company.
http://www.palmbeachpost.com/money/real-estate/florida-bills-seek-renewable-
energy-overhaul-2089828.html
Renewable energy outpaces fossil fuel and nuclear growthRenewable energy sources continue to expand rapidly while substantiallyoutpacing the growth rates of fossil fuels and nuclear power, accordingto the Monthly Energy Review by the US Energy InformationAdministration (EIA).http://www.renewableenergyfocus.com/view/23051/renewable-energy-outpaces-fossil-fuel-and-nuclear-growth/
Crude Oil News
OPEC Daily Basket Price 1/9/2012 – 112.51
(OPEC Daily Basket Price 1/6/2012 – 112.23)
Oil rises to $113 on Iran tension
Oil rose to around $113 a barrel on Tuesday as tension over Iran's nuclear
program and unrest in Nigeria outweighed persistent concerns about the strength
of Europe's economy.
http://www.reuters.com/article/2012/01/10/us-markets-oil-
idUSTRE7AD06820120110
Oil Advances for First Day in Four on Iranian Dispute, Euro Debt Meeting
Oil rose in New York for the first time in four days on growing concern that the
dispute between Iran and western governments may lead to a disruption in Middle
East crude exports.
http://www.bloomberg.com/news/2012-01-10/oil-advances-for-first-day-in-four-on-
iranian-dispute-euro-debt-meeting.html
OPEC Can’t Be Involved in Iran Sanctions Dispute, Venezuela’s Ramirez
Says
The Organization of Petroleum Exporting Countries can’t get involved in the
dispute over Western sanctions against Iran, Venezuela’s oil minister RafaelRamirez said.
http://www.bloomberg.com/news/2012-01-10/opec-can-t-be-involved-in-iran-
sanctions-dispute-venezuela-s-ramirez-says.html
Iran Tension Will Keep Oil Prices High
The tensions over Iran and threats from the West to apply sanctions on Iranian oil
will see crude prices facing more of an upside risk in the near future, a
commodities analyst told CNBC
http://www.cnbc.com/id/45939219
Oil Prices Could Soar 80% If Iran Shut Hormuz: Analyst
8/3/2019 Energy and Markets Newsletter January 10-2012
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If Iran were to shut down the Strait of Hormuz, a key oil transportation route
where millions of barrels travel out of the Persian Gulf every day, Brent crude
would surge to between $150 and $200 a barrel, according to an oil analyst with
Societe Generale. “We believe it would be relatively easy for Iran to shut down the
Straits of Hormuz,” wrote Michael Wittner, in a report late Friday to clients. “A
credible threat from missiles, mines, or fast attack boats is all it would take fortanker insurers to stop coverage, which would halt tanker traffic. However, we
believe that Iran would not be able to keep the Straits shut for longer than two
weeks, due to a US-led military response.”
http://www.cnbc.com/id/45929942
Toyota's Lentz Sees Gasoline Above $4 in 2012
Toyota USA President Jim Lentz forecasts retail gasoline prices surpassing $4 a
gallon in 2012. "I think so," Lentz says. "The chances of it going substantially
higher than that are pretty great."
http://www.cnbc.com/id/45928927
How Microbes Teamed to Clean Gulf A fortuitous combination of ravenous bacteria, ocean currents and localtopography helped to rapidly purge the Gulf of Mexico of much of the oil and gasreleased in the Deepwater Horizon disaster of 2010, researchers reported onMonday. After spewing oil and gas for nearly three months, the BP PLC well wasfinally capped in mid-July 2010. Some 200,000 tons of methane gas and about 4.4million barrels of petroleum spilled into the ocean. Given the enormity of the spill,many scientists predicted that a significant amount of the resulting chemicalpollutants would likely persist in the region's waterways for years.http://online.wsj.com/article/SB10001424052970203436904577150910025591788.html
BOEM to hold public hearing in Houston The Bureau of Ocean Energy Management will hold a public hearing Tuesday inHouston to give the public the opportunity to comment on a proposedenvironmental-impact statement for the outer continental shelf oil and gas leasesale.http://fuelfix.com/blog/2012/01/09/boem-to-hold-public-hearing-in-houston/
Keppel agrees to $150 million U.S. rig dealKeppel AmFELS inked a deal today with Houston-based DiamondOffshore for $150 million to construct and upgrade a mooredsemisubmersible rig.http://fuelfix.com/blog/2012/01/09/keppel-agrees-to-150-million-u-s-rig-deal/
Recent Rig Counts
Area
Last
Count
Cou
nt
Change from
Prior Count
Date of
Prior
Count
Change
from Last
Year
Date of
Last
Year's
Count
U.S. 6 Jan 12 2007 Unchanged 29 Dec
11
+307 7 Jan 11
8/3/2019 Energy and Markets Newsletter January 10-2012
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Canada 6 Jan 12 361 140 29 Dec11
-61 7 Jan 11
International
December 2011
1180 -5 November 2011
+62 December2010
http://investor.shareholder.com/bhi/rig_counts/rc_index.cfm
Natural Gas/ Power News
EIA Storage Release 1/5/12 (Actual): -76Previous Week: -81 Bcf +11.4 % Change from 1 Year Ago+15.2% Change 5-year Average
Natural gas tumbles as U.S. east coast to remain warm this week Natural gas prices were down sharply on Monday, trading close to a 28-
month low as sentiment on the heating fuel was dampened afterforecasts called for warmer-than-normal weather across the U.S. eastcoast in the coming week.http://www.moneycontrol.com/news/commodities/natural-gas-tumbles-as-us-east-coast-to-remain-warm-this-week_647836.html
Weather
6 to 10 Day Outlooks
Temperature
Precipitation
8/3/2019 Energy and Markets Newsletter January 10-2012
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8 to 14 Day Outlooks
Temperature
8/3/2019 Energy and Markets Newsletter January 10-2012
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Precipitation