Commodities » Energy

Oil and natural gas daily review (August 09, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

U.S. crude oil futures prices fell a third straight session on Friday as a disappointing U.S. July jobs report showed more losses than expected and weighed down equities markets and oil.

IN FOCUS

- The U.S. government vowed on Sunday that operations to completely clean up BP's Gulf of Mexico oil spill and compensate those affected would not slacken off despite the success in halting the leak.

- Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in September to at least four Asian term buyers, steady with August levels, industry sources said on Monday.

- Enbridge Inc extracted the ruptured section of pipeline on Friday that had caused crude oil to foul part of southern Michigan, but U.S. regulators will have the final say on any schedule for restarting the line.

- Operating rates at its 70,000 barrel per day Big Spring, Texas, refinery were at 51,000 bpd in June, with rates gradually increasing through the rest of the year, the company said during a second quarter conference call on Friday.

FUNDAMENTAL OUTLOOK

Crude oil prices are trading slightly up on NYMEX today. We expect crude oil prices to take clues from overseas market and Asian equity market later in the session today.