Commodities » Energy

Oil and natural gas daily review (July 28, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

Crude oil futures fell a second straight day yesterday, slipping on government oil inventory data showing a large crude oil stocks build last week as imports surged.

IN FOCUS

- U.S. crude oil inventories unexpectedly rose sharply last week as imports jumped, inventories rose by 7.31 million barrels to 360.76 million barrels in the week to July 23 as imports surged by 1.18 million barrels per day to 11.12 million bpd.

- Qatar, one of OPEC's smallest producers, has notified at least two Asian buyers it will supply its Land crude at full contracted volumes for September, unchanged from August levels, trade sources said on Thursday.

- Nigeria's crude oil exports are set to top 2 million barrels per day (bpd) for the third month running in September, trade sources said on Wednesday, as Africa's largest energy producer improves output reliability.

- Hess Corp said Wednesday that utilization rates at its two refineries were lower in the second quarter than a year earlier primarily due to turnarounds.

- Murphy Oil said Wednesday it restarted all units at its 34,300 barrel-per-day refinery in Superior, Wisconsin after an external power outage following a thunderstorm on Tuesday.

FUNDAMENTAL OUTLOOK

Crude oil prices are trading firm today on NYMEX. However we may see a further downside pressure on crude oil prices tracking weaker Asian equities.