EIA DISCUSSION ARTICLE

Featured Articles for Jul 04, 2009

Forecast & Analysis

Rig Counts Pick Up Again;Why?

Sure, oil prices aren't anywhere close to last year's record, but one theme from last summer survives: Drill, baby, drill... Full Story

ENERGY MATTERS: Gasoline Fizzles; $63 Crude In Sight

NEW YORK (Dow Jones)--Gasoline prices have tanked ahead of the Fourth of July... Full Story

Gasoline Demand Highest Since December 2007, MasterCard Says

July 2 (Bloomberg) -- U.S. gasoline consumption last week hit an 18-month high ahead of the traditional peak in demand over the July 4 holiday weekend, according to a MasterCard Inc. report... Full Story

Weekly Natural Gas Storage Data

Working gas in storage was 2,721 Bcf as of Friday, June 26, 2009, according to EIA estimates. This represents a net increase of 70 Bcf from the previous week... Full Story

Gas Market to ‘Tighten’ on Demand, Bernstein Says

July 2 (Bloomberg) -- U.S. natural-gas demand from industry and increased power generation will cause the gas market to “tighten” and push up prices, Sanford C. Bernstein & Co. said... Full Story

Barclays Raises U.S. Oil Forecast 15% on Fundamentals

July 2 (Bloomberg) -- Barclays Plc raised its third-quarter forecast for West Texas Intermediate crude oil by 14.5 percent from an estimate in June, citing expectations for fundamentals in commodity markets to return to “normalcy... Full Story

Top Stories

Senate May Pass U.S. Climate Bill, Reject Treaty, Kerry Says

July 2 (Bloomberg) -- The U.S. Senate may pass legislation to slow climate change and then fail to approve a global treaty that commits nations to do so, Senator John Kerry said... Full Story

Exxon, Valero Face New Curbs on Carcinogenic Gases Under Obama

July 2 (Bloomberg) -- President Barack Obama is considering new curbs on U.S. oil refineries whose gas emissions pose a cancer risk to hundreds of thousands of people living near the plants, setting up a potential conflict with companies over the cost of new regulations... Full Story

Canada, Russia Considered Climate ‘Bad Boys’ Among G8 Nations

July 1 (Bloomberg) -- Canada and Russia, both northern and oil-rich, are making the least progress in cutting carbon- dioxide emissions among the major economies, a new study shows... Full Story

CFTC Looking at All Options for Fair Markets, Gensler Says

July 1 (Bloomberg) -- The Commodity Futures Trading Commission will use all of its regulatory power to ensure fair operations of futures markets for oil, agriculture, currencies and interest rates, the agency’s chairman said... Full Story

Italian Train With LPG Explodes, Killing at Least 15

June 30 (Bloomberg) -- At least 15 people were killed and 35 were seriously injured when five freight train containers carrying liquefied petroleum gas exploded at a railway station in central Italy... Full Story

A Short Week That Is Long On Data

NEW YORK (Dow Jones)--U.S. financial markets will be closed on Friday, July 3, in observance of Independence Day, but the shortened trading week will be chockfull of economic data covering labor, manufacturing, consumers and housing... Full Story

Financial

OIL FUTURES: Crude Slides Below $67 On Payroll Data

NEW YORK (Dow Jones)--Crude futures accelerated their decline Thursday, after U.S. payrolls fell more than expected last month, shaking confidence in an economic recovery by the world's largest energy user... Full Story

US GAS: Futures Slide On Mild Weather Ahead Of Holiday

NEW YORK (Dow Jones)--Natural gas futures slid Thursday as traders sold contracts ahead of Independence Day weekend, looking ahead to forecasts of mild weather in some of the major gas-consuming regions of the U.S. over the next two weeks... Full Story

Natural Gas Falls Most in Four Weeks as Demand Slow to Recover

July 2 (Bloomberg) -- Natural gas futures fell the most in four weeks in New York on expectations that demand will be sluggish in the second half of the year as the U.S. economy attempts to move out of a recession that began 18 months ago... Full Story

Oil Falls to 1-Month Low, Gasoline Drops as U.S. Payrolls Slip

July 2 (Bloomberg) -- Crude oil fell to a one-month low and gasoline tumbled on a report showing the U.S. unemployment rate rose last month, a signal that fuel demand in the world’s largest energy-consuming country will be slow to rebound... Full Story

OIL FUTURES: Oil Slides On Payrolls Data

NEW YORK (Dow Jones)--Crude futures fell Thursday after the U.S. reported payrolls fell last month, souring the outlook for oil demand in the world's largest consumer... Full Story

US GAS: Futures Pare Some Losses On EIA Storage Data

NEW YORK (Dow Jones)--Natural gas futures pared some losses Thursday after the U.S. Energy Information Administration reported a build in storage that was slightly below analysts' and traders' expectations... Full Story

Releases

PVM Loses About $10 Million in Unauthorized Oil Trade

July 2 (Bloomberg) -- PVM Oil Futures Ltd., a unit of the world’s biggest broker of over-the-counter oil derivatives, said it lost just under $10 million because of unauthorized trading on June 30... Full Story

Exelon Lifts Hostile Bid for NRG 12% to $7.45 Billion

July 2 (Bloomberg) -- Exelon Corp., the largest U.S. utility owner by market value, raised its hostile takeover bid for NRG Energy Inc. 12 percent to $7.45 billion after a drop in its share price whittled away the premium it was offering... Full Story

Praxair Acquires Sermatech International

INDIANAPOLIS--(BUSINESS WIRE)--Praxair Surface Technologies, Inc., a subsidiary of Praxair, Inc. (NYSE:PX), has acquired Sermatech International Holdings Corp. from Arsenal Capital Partners, a New-York-based private equity firm... Full Story

Exelon to hold conference call on NRG deal Thursday

NEW YORK, July 1 (Reuters) - Exelon Corp (EXC.N) said it plans to hold a conference call on Thursday morning to discuss its hostile takeover bid for independent power producer NRG Energy Inc. (NRG... Full Story

Public Service Receives Approval for $190 Million Investment

July 1 (Bloomberg) -- Public Service Electric & Gas Co., New Jersey’s largest utility, received state approval to spend $190 million on an energy-efficiency stimulus program to promote conservation and create jobs... Full Story

Saudi Aramco's Clean Diesel Project To Start In October

DUBAI (Zawya Dow Jones)--Saudi Arabian Oil Co., or Aramco, said Wednesday it will start producing clean diesel from its joint venture refinery with Royal Dutch Shell PLC (RDSA) at Jubail on the Persian Gulf in October... Full Story

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NATURAL GAS STORAGE*
EIA report for week ending 6/26/09 Our prediction coming Tuesday 6/26/09
2,721 Bcf N/A
Weekly change
70 Bcf down N/A

Commodity Prices ($)

Natural Gas3.635
Crude Oil66.80
Heating Oil1.7024