Oil and Gas April 29, 2011 review and analysis
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MARKET ROUNDUP
Crude oil edge up after volatile trading on Thursday, but settled at their highest level since September 2008 as soft economic data reinforced expectations the Federal Reserve will stay with its loose monetary policy that has pressured the dollar.
IN FOCUS
- U.S. crude oil imports in fell in February, after increasing for three consecutive months, the Energy Information Administration said on Thursday.
- OPEC may cut oil output if prices fall back to just $90 a barrel, PFC Energy said on Thursday, as Middle Eastern members’ current accounts have been strained as they hike social spending in a bid to lower the chance of internal unrest.
- High world oil futures prices could rise yet further if the European Union puts sanctions on Syrian oil this week, although the country exports modest amounts and the quality is low, analysts and traders said.
- A tanker with the first major oil shipment from rebel-held east Libya is expected to arrive in China next week, traders said on Friday, but it remain unclear who the buyer of the cargo is.
- Russia’s government will hike export duties on gasoline as the world’s largest oil producer fights fuel shortages on the domestic market, government sources said on Thursday.
FUNDAMENTAL OUTLOOK
Crude oil prices are trading firm today. We expect a further rise in the prices of crude oil on account of the ongoing tensions in middle-east North African nations.
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