Comments from CME Group - pre-market open on June 25:
Energy markets trade in positive territory heading towards the NA open, following comments from Fed's Kocherlakota and Fisher last night, who both implied that the Fed was misperceived as increasingly hawkish last week. Looking ahead to today's session, key US macroeconomic data is due for release, in the form of durable goods, consumer confidence and new home sales, whilst weekly API inventories are due at 2130BST/1530CDT.
Oil & Gas News
Goldman Sachs said the Brent sell-off is to be short lived, but that Brent oil has short term downside risks on demand and also added that oil stockpiles are to be tight in H2 2013. Bank of America says Brent crude may fall to USD 90.00/bbl if China credit crunch worsens.Deutsche Bank lowers 2013 Brent price forecast 5.8% to USD 107.03/bbl and 2014 by 5.5% to USD 107.00/bbl. Lowers 2013 WTI price forecast 5.2% to USD 95.10/bbl and 2014 by 7.0% to USD 96.00/bbl. The UAE oil minster says there is no need for an emergency OPEC meeting, and that prices are "normal" and fair for "consumers". South Korea has pledged to cut its imports of Iranian oil by 15'%, according to sources.NOC official says that security forces protecting El Feel are on strike and production at Libya's El Feel is still down. The official also says that labour issues have been resolved at 75K BPD Abu Attifel.US FTC has opened a formal investigation into how prices of crude oil and petroleum products are set, mirroring that of the EU, according to sources. Geopolitical News
The leader of Syria's biggest rebel alliance has said that delays in promised weapons deliveries from abroad is causing dissent and resentment in his ranks that will drive fighters into the ranks of al Qaeda.Corporate News
Total says production at Nigera's Usan crude oil stream has restarted, but the force majeure is still in place.Shell Australia says it sees strong LNG growth in 2015-2025 period but the Australian government must avoid new costs and delays to projects. The co. also commented that Australia could have 400 years worth of gas resources. Weather News
The latest from the NHC indicates there are no tropical cyclones in the Atlantic at this time, and in the Pacific one Tropical Storm called Cosme is present although this is still 615km WSW of Manzanillo Mexico.Weather forecasts for the Gulf Shores show intervals of clouds and sun with a shower or thunderstorm around as likely.