News: 24th May 2012
U.S. crude stocks rise for 9th week, products fall - EIA
U.S. crude oil stockpiles rose modestly and oil product inventories fell as refineries processed less crude, according to data for the week to May 18 from EIA. Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, rose by 833.000 barrels to 382.53 million barrels, the data showed. Over, the past nine weeks, crude inventories have risen by 36 million barrels, the largest nine-week stock build on record.
Iran talks with world powers hit snag over sanctions
Iran accused world power on Thursday of creating “a difficult atmosphere” that hindered talks on its atomic energy programme, signaling a snag in diplomacy to defuse fears of a covert Iranian bid to develop nuclear bombs. The nub of the dispute was not immediately clear as the high-stakes talks went into a second day in the Iraqi capital Baghdad. But Iran had served notice that it wanted immediate relief from economic sanctions as part of any deal to scale back uranium enrichment, whereas Western powers insisted Tehran must first rein in its activity. Pro-government Iranian media said Tehran’s negotiators were demanding a principle of “reciprocity” of concessions, which they said was not on the table in the Baghdad talks. The U.S. had voiced cautions hope on Wednesday that Iran was finally engaging the powers on practical, transparent ways of showing its nuclear work, marked by years of secrecy and evasions of U.N. inspections, would be for peaceful ends only.
Japan’s hotter weather to boost power demand
Western Japan will see normal to hotter weather from June to August, the country’s weather forecaster said on Thursday, boosting demand for power at the time when the area’s users are being urged to cut consumption as nuclear power plants lay idle. Japan’s electricity demand usually peaks in summer due to air condition use.
YESTERDAY’S MARKET
Crude prices fell more than 2 percent Wednesday as talks between Iran and the West eased supply disruptions fears and as concerns about slower economic growth fueled worries about curbed petroleum demand
Disclaimer:
Please note that the information provided hereby merely contains observations and forward-looking expectations which are subject to risk and uncertainties related to e.g. financial and market conditions in relevant markets and may otherwise be subject to change. The purpose of this information is to share insight, which has been reported through common sources or our network. The Wilh. Wilhelmsen Holding ASA group of companies undertakes no liability and makes no representation or warranty for the information and expectations given in this information or for the consequences of any actions taken on the basis of the information provided.
» Click here for prices