Energy Commodity Report: January 31, 2011
Protest in Egypt seen as bullish for WTI. US natural gas futures rise marginally, as cold weather outweighs increased domestic production. EUAs and CERs record gains, despite unsupportive energy complex.
Protest in Egypt seen as bullish for WTI. US natural gas futures rise marginally, as cold weather outweighs increased domestic production. EUAs and CERs record gains, despite unsupportive energy complex.
Oil snaps losing streak on State of the Union stock market bounce, natural gas continues to be boosted by cold weather forecasts, coal and carbon prices see little movement.
Energy complex hit by disappointing US and UK economic data. US natural gas down as speculation over inventory situation mounts. EUAs and CERs gain as closed spot markets deter potential sellers.
Oil drops to eight week low on Saudi comments, US inventory speculation. Natural gas hit by profit-taking while US weather forecasts remain supportive. European and South African coal prices fall as demand drops to early December levels.
Oil down on higher US oil inventories and fears that China’s government may focus on fighting inflation. Natural gas rises on high withdrawal from storage, cold weather. Coal prices at Newcastle rise for the seventh consecutive week.
WTI drops on oil inventory report, housing start data and pipeline restart. Natural gas up on inventory speculation and forecasts of colder weather. Thermal coal prices stable, despite the situation improving in Queensland. EUA trading hit by hacking, spot trading closed till January 26.
US crude falls on jobless claims report, natural gas hit by expectations of milder weather and slightly disappointing inventory report. European coal prices pause for breath while EUAs drift down on unsupportive energy complex and CERs were hit by another round of high issuance.
Crude rises to highest settlement price seen since October 2008 on US oil inventory report, pipeline uncertainty, European coal prices stable, while US natural gas price up on weather forecasts.
Oil prices continue to advance on pipeline disruption, could be impacted by Portugal’s bond auction later today. Natural gas price up on oil, forecasts of colder weather. Deutsche Bank and Wood Mackenzie upwardly revise coal price projections, due to flooding in Queensland.
Oil pares gains as pipeline expected to return to service shortly, Australian thermal coal prices rise on flooding disruption. EUAs and CERs drop on weak energy complex.
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