Archived Summaries

Wednesday 08 August 2012
Market Opening
  Crude oil prices retraced some of the strong gains made on Tuesday as the market opened lower with focus on the weekly data of U.S. oil inventory set to be released later today.  The markets are expecting stock levels in the U.S. to have fallen by over 5 million barrels in the week.  Currently on ICE, Nymex crude for September delivery is trading at $93.11 a barrel, down by 56 cents from last nights close.  Likewise Brent has moved lower and has lost 62 cents in early trading and is priced at $93.11 a barrel.  Forecast demand of 171 MCM on the UK system is running 11 MCM behind supplies of 159 MCM with Norwegian deliveries coming in at 28MCM, evenly split with Vesterled and Langeled each delivering 14 MCM.  As anticipated LNG send out from Milford Haven continues to be strong this morning at 49 MCM as further cargoes of LNG are expected to be delivered to the terminal later this week.  Early trading on the prompt has seen prices move slightly higher as the within day moves up by 0.40p.  On the futures market front month prices are unchanged from yesterdays close but prices further out are down slightly in early trading taking their lead from oil with the Q4 down by 0.15p.