Archived Summaries

Tuesday 31 July 2012
Market Opening
  Crude is trading down this morning on both sides of the Atlantic as the markets wait for direction from U.S. economic data to be released later today and key central bank decisions in both the U.S. and Eurozone later in the week.  On Nymex September has traded in a tight range of $90.09 to $89.35 a barrel and is currently trading at $89.67, down just 11 cents.  Brent has also traded in a tight range, from $106.44 to $105.27, and is currently $105.64 a barrel.  The UK gas system is short by 7MCM against a forecast demand of 171MCM.  Demand levels continue to be well below the seasonal norm of 239MCM.  Imports through Langeled have increased to 30MCM this morning and LNG send out has dropped back to 22MCM as the supply from the Isle of Grain has been withdrawn in what looks like a straight trade off.  Despite the deficit in the gas system the prompt is marginally down in early trading, the within day is lower by 0.15p, last trading at 53.80p. The day ahead contract has eased by 0.45p to 53.60p.  On the curve the front months are down by a range of 0.20p to 0.40p, the front season is trading at 62.70p while further out losses are marginal as the far curve waits for direction from the oil markets.