Oil and natural gas daily review (March 19, 2010)
19 March 2010 | Crude oil futures ended lower on Thursday as the euro fell against the dollar on persistent worries about Greece's debt problems, turning oil traders cautious and snuffing a two-day advance in oil prices.
Nymex crude oil prices closed at $82.20/bbl on Thursday
19 March 2010 | Oil prices slipped yesterday on account of strength in the dollar and a situation of rising inventories in US. Crude oil prices closed at $82.2/bbl on Nymex on Thursday.
Oil and natural gas daily review (March 18, 2010)
18 March 2010 | Crude oil futures settled higher on Wednesday after a government oil inventory report showed falling fuel supplies and as the dollar softened in the wake of the Federal Reserve interest rate decision.
Nymex crude oil prices closed at $82.93/bbl on Wednesday
18 March 2010 | Crude oil prices gained marginally yesterday on the back of weakness in the dollar in the early part of trade. Prices on the Nymex touched a high of $83.09 yesterday.
Upstream oil and gas review (March 2010)
17 March 2010 | While crude oil prices rebounded from a 52-week low of USD34.98 per bbl in February 2009 to USD80 per bbl in December 2009, since then, prices have hovered around the USD70 level. Natural gas price touched a 52-week low of USD1.88 per mmbtu in September 2009, but had recovered strongly, averaging USD5.34 and USD5.82 per mmbtu in December 2009 and January 2010, before dropping back to average USD5.32 in February 2010. The upstream industry has seen a rise in drilling activity and investment in every quarter since 2Q 09. Meanwhile, according to data provided by Baker Hughes, Inc., rig counts also increased in January 2010 over the previous month. Total active rigs involved in discovering oil and gas worldwide totalled 2,773 in January 2010, compared to 2,509 in December 2009; however, this figure remains below the January 2009 count of 2,974.
Mid- and down-stream oil and gas review (March 2010)
17 March 2010 | Global refining margins fell from USD6.20 per barrel in 1Q 09 to USD1.49 per barrel in 4Q 09 Source: BP, reflecting weak demand for fuels and excess refining capacity in the US and Europe. Rising upstream oil prices have outpaced the rise in prices of refined fuel, squeezing downstream margins. As a result, downstream majors such as BP and Royal Dutch Shell have reported net losses in their refining segments for 4Q 09. However, midstream companies benefited as rising oil prices drove up freight rates during the final quarter of 2009; the Baltic Dirty Index hit its highest level (1,216) in over a year on 15 January 2010. Since then, the index has softened in line with a correction in oil prices during January 2010.
Coal and consumable fuels review (March 2010)
17 March 2010 | China became a net importer of coal for the first time in 2009, importing a net quantity of 103 Mt in the year, compared to net exports of 4 Mt in 2008. We believe this highlights a structural change in global coal supply flows leading to increased activity in the Pacific markets. Australia is one of the principal beneficiaries of this trend, shipping a record 277 Mt of coal in 2009 (+6% y-o-y). South Africa, meanwhile, sent 30% of its coal exports to India in 2009 as Atlantic demand continued to falter. This shift in global coal supply flows has also seen diversion of Russian coal from Europe to Asia. In light of this, as the European regional economy recovers, we foresee opening up of further opportunities for US coal exporters there. Coal prices continued to trend upwards during the last quarter of 2009, with gains in major benchmark coal price indices.
Nymex crude oil prices closed at $81.70/bbl on Monday
17 March 2010 | Crude oil touched a high of $82.1/bbl on Nymex yesterday as the US Fed kept interest rates low as the economy continues to recover, thus weakening the dollar and helping the crude oil prices to gain.
Oil and natural gas daily review (March 16, 2010)
16 March 2010 | Oil prices fell nearly 2 percent to below $80 a barrel on Monday, pressured by a stronger dollar and concerns that potential credit tightening in China might curb energy demand in the world's second-largest oil consumer.
Nymex crude oil prices closed at $79.80/bbl on Monday
16 March 2010 | Crude oil prices traded in the negative territory on Monday taking cues from the strength in the dollar coupled with concerns of rising inventories with the major consumers. Nymex crude oil prices touched a low of $79.13 yesterday.
Oil and natural gas daily review (March 15, 2010)
15 March 2010 | 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.
Nymex crude oil prices closed at $81.30/bbl on Friday
15 March 2010 | Crude oil prices ended in the red at the end of the week despite the weakness in the dollar on concerns of rising inventories in the world’s largest consumers. Iran’s OPEC governor Mohammad Ali Khatibi said that the market may be oversupplied this year if the committee fails to reduce the output limits.
Oil and natural gas daily review (March 12, 2010)
12 March 2010 | Crude Oil settled nearly unchanged above $82 a barrel on NYMEX yesterday amid uncertainty about whether China will tighten monetary policy, which could dent energy demand in the world's second-largest oil consumer.. The number of U.S. workers filing new claims for unemployment benefits fell only slightly last week, indicating a sluggish return to jobs growth. The U.S. trade gap shrank as oil imports fell. Total oil consumption by Japan's main utilities dropped in February from a year ago, even as power generation jumped for the month, industry data showed on Friday.
Nymex crude oil prices closed at $82.34/bbl on Thursday
12 March 2010 | Crude oil prices gained yesterday on the back of weaker dollar. Positive economic data from US is indicating that the economic recovery is on track and this factor can help in increasing demand for crude oil from the world’s largest consumer.
Oil and natural gas daily review (March 11, 2010)
11 March 2010 | Crude Oil prices settled at an eight-week high on NYMEX in choppy trading after a government report showed that gasoline stocks in the United States dropped unexpectedly. China's refinery crude throughput increased to a record high of 8.32 million barrels per day (bpd) in February, data from the National Bureau of Statistics showed on Thursday. U.S. crude oil inventories logged their sixth straight rise last week on lower refinery runs while higher demand and reduced production left gasoline stocks down unexpectedly, government data on Wednesday showed. Distillates stocks fell more than forecast. Commercial crude oil stockpiles were up by 1.4 million barrels at 343 million barrels in the week to March 5, reported the U.S. Energy.
Nymex crude oil prices closed at $81.96/bbl on Wednesday
11 March 2010 | Crude oil prices ended in the green on the Nymex yesterday despite a rise in inventories in US. But the rise in inventories was lower than market expectations and this factor prevented sharp downside in prices. However, a weaker dollar helped oil prices ended the trade in green yesterday.
Oil and natural gas daily review (March 10, 2010)
10 March 2010 | Crude oil futures ended down on Tuesday, dropping from Monday's eight-week high, as the dollar's strength and forecasts that weekly inventory data would show domestic crude stocks rose pressured the market. The American Petroleum Institute said after Tuesday's settlement that U.S. crude stocks jumped 6.5 million barrels, against the forecast in a poll for a 1.9 million-barrel build. The API data showed gasoline stocks fell 3.2 million barrels, against the forecast for a 200,000-barrel increase, while distillate stocks fell a bigger-than-expected 2.8 million barrels.
Nymex crude oil prices closed at $81.38/bbl on Tuesday
10 March 2010 | Crude Oil declined, albeit marginally on Tuesday and closed at $81.38/bbl as the strong dollar coupled with concerns of rising inventories in US exerted pressure on the prices. Crude oil retreated from a seven week high on Nymex this week.
Nymex crude oil prices closed at $81.78/bbl on Monday
9 March 2010 | Crude Oil prices gained marginally on Monday and closed at $81.78/bbl as the dollar ended the session on a flat note. Crude oil prices gained last week amid strong economic data from US which increased investor expectations that the fuel consumption may increase in the world’s largest consumer.
Oil and natural gas daily review (March 08, 2010)
8 March 2010 | Crude oil futures ended at their highest level in nearly eight weeks on Friday, rallying with Wall Street, as government data showed that U.S. employers cut a smaller number of jobs than expected in February, bolstering economic recovery hopes. China's crude oil output will rise by 1-2 percent this year, Yu Baocai, vice president of state-owned China National Petroleum Corp (CNPC), said on Sunday. Chile's top oil refinery, damaged by a devastating earthquake, could be shut down for a month, which would boost the need for fuel imports to the world's top copper producer.
Nymex crude oil touched a high of $82.07 on Friday
8 March 2010 | Crude Oil prices gained last week on Nymex touching a high of $82.07/bbl on Friday as strong economic data from the US boosted prices. Investors are expecting that fuel consumption may increase in the world’s largest consumer as economic reports indicate that the US economy is recovering at a good pace after the recession. Another report from Japan indicated that the country posted a current account surplus in January. This may increase demand for crude oil from the world’s third largest consumer of oil.
Oil and natural gas daily review (March 05, 2010)
5 March 2010 | Crude Oil futures ended lower on Thursday, easing from a seven-week high hit Wednesday, as the dollar rebounded and downbeat home sales data overshadowed positive economic reports of the day. OPEC-member Kuwait has notified at least two customers in Asia that it will keep curbs on term crude oil supplies in April- June steady from January-March, sources at the term buyers said on Friday. Kuwait Petroleum Co (KPC) told the term buyers that they would continue to receive 5 percent below contracted volumes in the second quarter of 2010, the sources said. Oil stored at the Cushing, Oklahoma, NYMEX delivery hub rose by 911,583 barrels to 31.74 million barrels in the week to March 2, according to a report from energy industry data provider Genscape.
Nymex crude oil prices closed at $80.48/bbl after touching a low of $79.71 on Thursday
5 March 2010 | Crude Oil prices declined on Nymex yesterday as the dollar rebounded after touching a low of 79.94. The stronger dollar exerted pressure on crude oil prices. Crude oil prices had climbed to a seven-week high on Wednesday, breaking the crucial $80/bbl-mark on the back of reports indicating that refineries in the US had operated at the highest level since October 2009.
Oil and natural gas daily review (March 04, 2010)
4 March 2010 | Crude oil futures rose for the second day in a row on Wednesday, posting the highest close in seven weeks, as economic data eased recovery worries and the dollar fell against the euro. Royal Dutch Shell said on Wednesday an oil flowstation in Nigeria's restive Niger Delta had been damaged by an explosion, in what appeared to have been an attack by a militant splinter group. Chile's top oil refinery, damaged by a devastating earthquake, could be shut down for a month, which would boost the need for fuel imports to the world's top copper producer.
Nymex crude oil prices touched a high of $81.23 on Wednesday
4 March 2010 | Crude Oil prices climbed to a seven-week high on Wednesday, breaking the crucial $80/bbl-mark on the back of economic optimism. Economic reports in the US indicated that the US job market had improved and refineries in the US had operated at the highest level since October 2009. Moreover, the weakness in the dollar also helped the crude oil prices to gain.
Oil and natural gas daily review (March 03, 2010)
3 March 2010 | Crude Oil fell more than 1 percent to below $79 a barrel on Monday as investors sold off an early rally and the dollar strengthened against the euro. The American Petroleum Institute (API) said after Tuesday's settlement that crude stocks rose 2.7 million barrels last week, distillate stocks were down 4.1 million barrels and gasoline stocks gained 909,000 barrels. Distillates, which include heating oil and diesel, were expected to be down 900,000 barrels, the poll showed. Gasoline stocks were forecast to be up 600,000 barrels, according to poll, with demand seen down, particularly in the East Coast, as bad weather put the brakes on long road trips, analysts said.
Oil and natural gas daily review (March 02, 2010)
2 March 2010 | Crude Oil fell more than 1 percent to below $79 a barrel on Monday as investors sold off an early rally and the dollar strengthened against the euro. Smith International Inc, an oilfield services company set to be taken over by industry leader Schlumberger Ltd, said on Monday it was actively pursuing the termination of all its activities in Iran and Sudan. U.S. crude oil and gasoline stocks rose last week while distillate supplies fell, a preliminary poll of analysts ahead of weekly industry and government inventory data showed on Monday.
Nymex crude oil prices closed at $78.84/bbl on Monday after touching a high of $80.62/bbl
2 March 2010 | Crude Oil prices ended in the negative territory yesterday after touching a high of $80.62/bbl. Oil prices suffered on the back of forecast that the U.S. crude supplies may probably increase for a fifth week, signaling demand from the world’s biggest energy consumer may be slowing. Crude oil inventories have been constantly rising in the US which is denting the demand outlook. Moreover, the strength in the dollar also exerted pressure on crude oil prices. The dollar is advancing against the Euro as the European Union is pressurizing Greece to achieve its deficit target for this year.
Oil and natural gas daily review (February 26, 2010)
26 February 2010 | Crude oil futures ended more than 2 percent lower on Thursday, rattled by economic data that raised more anxiety about the strength of the U.S. recovery from recession. U.S crude oil is expected to be an average $77.70 a barrel in 2010, a Reuters poll showed, up from $77.50 forecast in January, but could fall as the market moves into its weakest quarter and supply outweighs demand. The International Energy Agency said global demand would pick up more than expected in 2010, but all the growth would come from emerging markets
Nymex crude oil prices closed at $78.28/bbl on Thursday
26 February 2010 | Crude Oil prices tumbled yesterday after touching a high of $80.45/bbl on Thursday on the back of rising unemployment claims last week and drop in durable goods orders in January. Moreover, prices also came under pressure after a report on Wednesday by the US Energy Department which showed that crude inventories in the US had increased in the last week. Crude inventories have been constantly rising in the world’s largest consumer, which is increasing concerns of demand in the short-term.
Oil and natural gas daily review (February 25, 2010)
25 February 2010 | Crude Oil prices rose $80 a barrel on Wednesday on NYMEX as comments from U.S. Federal Reserve Chairman Ben Bernanke reaffirming his commitment to keeping interest rates low outweighed a report showing a build in U.S. crude stockpiles.
Crude oil prices closed at $80.25/bbl on Wednesday
25 February 2010 | Crude Oil prices gained yesterday touching a high of $80.27/bbl and managed to close above the $80-mark. Oil prices gained on the back of weakness in dollar. Moreover, prices also gained after Bernanke said private-sector demand growth for goods and services will spur the economic rebound.
Oil and natural gas daily review (February 24, 2010)
24 February 2010 | Crude oil futures rose on Monday, settling above $80 a barrel after seesawing as striking French refinery workers and concerns about Iran helped crude oil finish higher for a fifth consecutive session. U.S. crude oil stockpiles fell unexpectedly last week as refiners hiked runs, according to weekly data from the American Petroleum Institute on Tuesday. Crude inventories in the world's biggest oil consumer fell by 3.1 million barrels, API said. Analysts polled by Reuters had expected a 2 million barrel rise.
Crude inventories fell 3.14 million barrels as per API data released on Tuesday.
24 February 2010 | Crude Oil prices declined from a five-week high yesterday as economic data from the US showed a drop in consumer confidence. For the month of February, consumer confidence index in the US slumped to 46, from a revised 56.5 in January. Another set of data indicated that oil imports in Japan fell 3% in January to 18.13 million kiloliters or around 3.67 million barrels a day from a year earlier. Japan is the world’s third-largest crude consumer after China and the US and this decline in imports from the country raises concern over demand from Japan.
Oil and natural gas daily review (February 23, 2010)
23 February 2010 | Crude oil futures rose on Monday, settling above $80 a barrel after seesawing as striking French refinery workers and concerns about Iran helped crude oil finish higher for a fifth consecutive session. U.S. stocks finished flat on Monday as investors held back before congressional testimony by Fed Chairman Ben Bernanke on Wednesday and Thursday, while scattered buying lifted shares of health insurers and banks. Motorists rushed to the pumps on the sixth day of a Total refinery workers' strike which a union said will close over half of France's oil refining capacity and has drawn in President Nicolas Sarkozy.
Nymex Crude oil April contract prices touched a high of $80.51/bbl on Monday
23 February 2010 | Crude Oil prices ended in the green on Monday as a strike by union workers at Total’s refineries in France entered its sixth day, with no end to the dispute in sight. Workers at ExxonMobil’s refineries in France were also considering going on strike. Prices gained on concern that the strike will tighten the global petrol supply and demand balance and could affect US petrol imports.
Oil and natural gas daily review (February 22, 2010)
22 February 2010 | Crude oil futures settled nearly 1 percent higher on Friday as a French refinery strike that lifted gasoline futures and geopolitical tensions about Iran's nuclear program combined to overcome concerns about the Federal Reserve's action raising its discount rate. Oil is likely to hold in its current price range during 2010, although some upwards movement could be possible, oil major BP's Chief Economist said. CHINA COMMERCIAL CRUDE OIL STOCKS STOOD AT 26.80 MLN T. CHINA END-JAN COMMERCIAL GASOLINE STOCKS AT 6.63 MLN T, DIESEL 9.53 MLN T, KERO 1.62 MLN T -XINHUA
Crude Oil prices closed above $80 a barrel on NYMEX on Friday
22 February 2010 | Crude oil prices traded on a volatile note last week but ended with a positive note closing above $80 a barrel on NYMEX. Crude prices had come under pressure in the earlier sessions of the week amidst the rising inventories in the US and the Fed’s unexpected rise in discount rate, which strengthened the dollar and put pressure on the prices of crude oil.
Oil and natural gas daily review (February 19, 2010)
19 February 2010 | Crude Oil pared gains in late Thursday trade after the U.S. Federal Reserve announced it was raising the interest rate it charges banks for emergency loans. U.S. crude oil inventories rose more than expected last week as imports increased, while distillates fell well beyond forecasts with cold weather across much of the nation lifting demand, according to government data issued Thursday.
Crude Oil prices touched a low of $76.32 on Thursday
19 February 2010 | Crude oil prices traded on a volatile note in yesterday’s session as the commodity touched a low of $76.32 but still managed to end in the green. The Federal Reserve announced a hike in discount rate by 0.25% which strengthened the dollar. Moreover, US crude inventories climbed 3.09 million barrels last week, as per data released by the US Energy Department.
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| Latest Stock Market Reports |
Singapore stock market and companies daily report (Google, Singapore trading hub, Sino-Environment) (March 22, 2010)
Threatening to shut down its operations in China, Google is at risk of closing off a key avenue of future growth. It’s been a difficult first quarter so far this year for oil traders in S’pore, as prices for oil and oil products have stayed range bound and trading volumes have been largely flat, even though higher than in Q1 last year. Last week, Sino-Environment disclosed that during a visit by some of its directors to the Fuzhou plant, the key managers there pledged their support to restart business operations in return for a stake of at least 20 per cent through the subscription of new shares.
Indian stock market and companies daily report (March 22, 2010, Friday)
The Indian indices opened marginally positive but maintained a trend of directionless trade, as they gyrated in a narrow band for most of the session. Volatility ruled the roost until mid-session, as the markets traded with minor, updown swings, although they sustained in the green. The markets slipped in the red in the final session, but a sharp recovery, led by benchmark heavyweight Reliance Industries, helped the indices close at their day’s highs. Both the Sensex and the Nifty gained 0.3% each, while the BSE Mid-cap and Small-cap indices registered gains of 0.1% and 0.4%, respectively. Among the front-liners, Bharti Airtel, RCom, Hero Honda, SBI and HUL were up by 1-4%, while HDFC, DLF, M&M, TCS, and ICICI Bank were down by 1-2%. In the mid-cap segment, Kirloskar Oil, United Breweries Holding, HSBC Investdirect, Deccan Chronicle and Apollo Tyres were up by 5-8%, while Motilal Oswal, Novartis, Carborundum, REI Six Ten Retail and IBREL were down by 3-5%.
Malaysia stock market and companies daily report (March 22, 2010)
DMG & Partners Securities said in its research note today, that it expects the Overnight Policy Rate (OPR) to be normalised to 3% by the second half of this year. PLUS Expressways is eyeing more highway concessions in the Asia Pacific region as part of its expansion plans. Unisem (Malaysia) expects revenue to grow 44% to RM1.5b, for the financial year ending 31 December 2010, bringing performance back to pre-crisis levels, as demand for semiconductor equipment recovers.
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| Stocks Recommendations |
Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Cox and Kings IPO review, analysis and recommendation, 18 November 2009
Cox and Kings proposes to make its IPO in the price band of Rs316-330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which 30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the fresh issue by the company will be to the extent of 1.55cr shares. The company plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr), and investment in corporate offices and upgrading its existing operations (Rs60cr).
| | News |
Norseman Gold Plc (NGL: AIM) review and analysis, 21 March 2010
Nighthawk Energy Plc (HAWK: AIM) review and analysis, 21 March 2010
Minco PLC (MIO: AIM) review and analysis, 21 March 2010
Americas weekly economic calendar: March 22-26, 2010, 21 March 2010
Metals Exploration Plc (MTL: AIM) review and analysis, 21 March 2010
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