Oil & Gas 01 (May 08 - Jul 08)

[millionairemind]

I heard on CNBC last night that oil traders are now NET SHORT...

Can someone confirm?

[kennynah]

yes...that's what i heard....they have pared back their longs...and overall, a resulting Net Short OI...my impression is not a huge Net Short OI figure

if this figure is accurate, then it's just goes to show that the Long OIs have squared off... it doesnt necessarily mean that new Shorts caused this

[winston]

Iran halts fuel oil exports, stockpiling for winter

SINGAPORE, July 31 (Reuters) - Iran, a regular exporter of fuel oil to Asia, will halt exports of the heavy fuel from August as it builds domestic stockpiles ahead of winter, and due to a heavy maintenance schedule in the fourth-quarter, industry sources said on Thursday.

Iran has been shipping out about 1.2 million tonnes of the residual fuel monthly since April.

"This is true, we will be concentrating on building up stocks for use at our power stations," a source familiar with the fuel oil export programme said.

Iran's decision came on the heels of Saudi Arabia's move to stop exporting spot fuel oil after its peak summer demand season, due to rising domestic requirements from domestic power plants and new secondary refining units.

The moves by the two biggest fuel oil exporters in the Middle East will worsen the current tight supply in Asia, helping to boost crack levels to around $13 a barrel below Dubai crude, a seven month high.

[winston]

Shell profits rocket

Anglo-Dutch energy giant Royal Dutch Shell said that high oil prices helped push its net profit up by a third to US$11.556 billion (HK$90.13 billion) in the second quarter.

Profits rocketed despite flagging production which was hampered by violence at facilities in Nigeria.

Output fell 1.6 percent during the reporting period to 3.126 million barrels of oil equivalent per day, Shell said in an earnings release.

AGENCE FRANCE-PRESSE

[winston]

U.S. natural gas reserves are far more plentiful than previously estimated, says an industry study being released today – a discovery that heralds a potential remedy to the energy crisis.

The report says the U.S. has up to 50% more natural gas reserves than earlier projections because of higher-than-expected yields from 22 shale formations in 20 states.

The U.S. has enough natural gas resources to last up to 118 years, or 2,247 trillion cubic feet (Tcf), says the study by Navigant Consulting for the American Clean Skies Foundation. That group is largely funded by natural gas companies.

– USA Today

[blid2def]

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