Commodities » Energy

Oil and natural gas daily review (August 04, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

U.S. crude oil futures rose 1.49 percent to settle at a three-month high above $82 a barrel on Tuesday, up a fourth straight session as the dollar weakened broadly and offset disappointing economic data.

IN FOCUS

- Calpine Corp's 769-megawatt Delta natural gas-fired power plant in California was shut for unplanned maintenance by Monday afternoon, the California Independent System Operator said in a report.

- Abu Dhabi National Oil Company (ADNOC) cut the July retroactive selling price of its benchmark Murban crude by $1.8 per barrel to $73, ADNOC said on Tuesday.

- U.S. crude inventories dropped by 776,000 barrels in the week to July 30, the API data showed, versus analysts expectations for a 1.4 million barrel draw.

FUNDAMENTAL OUTLOOK

Crude oil prices are trading slightly down on NYMEX today. We may see some profit booking in the counter after the four day continuous rally. We have crude oil inventory data from EIA to be released in the evening session. Any draw down in inventory level may further limit the downside today.