Commodities » Energy

Oil and natural gas daily review (March 15, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

Crude oil futures ended more than 1 percent lower on Friday, as downbeat consumer sentiment data sidelined an unexpected rise in retail sales, clouding the economic recovery outlook.

IN FOCUS

- Crude oil prices received little support from an International Energy Agency (IEA) report on Friday that said world oil demand this year would be slightly higher than previously expected because ofgrowth in developing countries.

- Iran said on Sunday there was no need to change OPEC's output ceiling at the oil producing cartel's meeting on March 17 in Vienna, the Iranian oil ministry's website SHANA reported.

- Gabon's main oil industry trade union has agreed to suspend strike plans and open negotiations with the government over labour regulations governing the sector, the government said late on Friday.

- CHINA FEB CRUDE IMPORTS AT 18.51 MLN TONNES - CUSTOMSCHINA FEB OIL PRODUCT EXPORTS 1.6 MLN TONNES VS 2.7 MLN TONNES IN JAN-CUSTOMSCHINA FEB OIL PRODUCT IMPORTS 2.89 MLN TONNES VS 2.54 MLN TONNES IN JAN - CUSTOMSCHINA JAN-FEB CRUDE IMPORTS UP 45.8 PCT ON YR AT 35.62 MLN TONNES - CUSTOMS

- The amount of oil products in floating storage has fallen by 12 million barrels to 74 million at the end of February from January, the International Energy Agency said on Friday. Crude oil held at sea also fell 7 million barrels to 52 million in the same period, it said.

FUNDAMENTAL OUTLOOK

Oil prices fell slightly below $81 a barrel on Monday, extending the previous session's decline, as data showing a drop in U.S. consumer confidence renewed concerns about energy demand in the world's largest oil consumer. Outlook for crude oil is sideways as the industry awaits of the outcome of OPEC meet later in the week, downside in crude oil is limited selling should be avoided at current levels.