OPEC will increase exports for the first time since February - Oil Movements

OPEC will increase exports for the first time since February - Oil Movements : WTI crude futures continued their decline in early European trading, extending yesterday’s volatility which saw the NYSE enact the uptick rule in some oil ETFs, futures have recovered slightly ahead of the Nymex pit open although remain under-pressure below the USD 100 level.

Oil & Gas News:

· OPEC will increase exports for the first time since February as refiners prepare to meet peak summer demand for driving fuels, according to Oil Movements.
· In a contrasting statement, according to an OPEC delegate, OPEC is unlikely to change its output target at the June meeting because of the uncertain geopolitical situation, saying there is no shortage of crude or refined products in the market and yesterday’s sell-off in oil was very welcome.
· Oil prices are likely to peak this summer as the loss of Libyan crude production has an increased impact on the market amid rising demand in Europe and Japan according to Nomura.
· Goldman Sachs says wary of potential for further downside in oil in coming days although the extent of yesterday’s move has removed some of the risk premium and further downside might be limited. Goldman Sachs adds that they see fundamentals tightening over the course of this year, likely pushing prices back to recent highs by 2012.
· Oil may fall below USD 90 a barrel if the USD extends its advance according to the Schork Group.

Geopolitical News:

· Thousands of Kurds have been demonstrating in Eastern Syria demanding political freedom while maintaining national unity, according to a senior Kurd source.

· Syrian Security forces have stepped up raids in the suburbs of the nations capital of Damascus in an attempt to prevent today’s mass protest.

· Russia and China have agreed to coordinate their efforts to stabilise the middle-eastern region and broker peace talks in North Africa.

· France has said it has given 14 Libyan officials 48hrs to leave the country, following the closure last month of the Libyan embassy in France.

Corporate News:

· Royal Dutch Shell agrees to sell its stake on Nigerian OML 42 oil block to a consortium including Nest Oil Group according to sources.
· BG Group has signed a 21-year purchase agreement with Japanese utility Chubu Electric Power for the supply of liquefied natural gas for an undisclosed price.

Weather news:

Weather Derivatives forecast sees average temp. in the US for the next 6-10 days to be 2.6F above the average at this time of the year. The data is accurate as of 5th May, 2011.

There are no tropical cyclones at this time.
NYMEX WTI Nat Gas
Last (USD) Change (USD) Volume Last (USD) Change (USD) Volume
Contract Jun11 98.14 -1.66 101602 Jun11 4.257 -0.004 3325
Jul11 98.69 -1.65 21667 Jul11 4.329 -0.002 1776
Aug11 98.86 -1.78 7615 Aug11 4.372 -0.004 500

Prices taken at: 1142BST

tag; OPEC forecast crude oil prices may 2011, prediction oil prices by ofec, will oil prices increase
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