Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Oil & Gas Atlas
Market bears claim victory in 3Q11
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: +1.3%
⇒ S&P 500 E&P Index: -2.3%
⇒ Oil Service Sector Index: -5.4%
⇒ UK FTSE Oil & Gas Producers Index: +1.4%
⇒ Asia Pacific Oil & Gas Producers Index: +1.9%
Weekly Market Recap
Last week was yet another volatile week for energy markets and capped one of the
worst quarterly performances of the past decade for the energy. The S&P/TSX Oil &
Gas Index dropped by a substantial 28.4% in 3Q11.
Sovereign debt fears in the Euro zone continued to weigh on the minds of investors,
raising concerns about sluggish future world demand at a time when fresh supplies
are forecasted to come online from Libya and Iraq. WTI settled at US$78.60/bbl at
market close on Friday after staging two mid-week rallies above US$84/bbl. NYMEX
settled at US$3.66/mmbtu, which is a fresh two-year low print.
Storage reports this week also contributed to bearish pressure on commodity prices.
The DOE report on Wednesday showed a build of +2.1mmbbls vs. +1.9mmbbls
expected. Gasoline stocks rose by +0.8mmbbls (vs. +1.0mmbbls expected) while
distillate stocks rose by +0.1mmbls (vs. an expected draw of 0.4mmbbls). The EIA
reported a build in US natural gas stocks of 111bcf vs. the consensus expected build
of 103bcf.
In the Euro E&P space, we published a sector piece where we screened our E&P
universe based on soundness of financing and value to see where relative safety
can be found. We concluded that Cairn, Faroe and SOCO provide the best
options. In Norway, Lundin made a significant upgrade to Avaldsnes resource
estimates. In Poland, Aurelian reported 1H11 results and confirmed low flow rates at
its Siekierki tight gas project. In Kazakhstan, Max Petroleum reported production test
results at its ASK-1 exploration well. Carin completed its Delta-1 exploration well in
Greenland without reaching the target Cretaceous zone.
In the Euro Integrated space, Total hosted a CMD in London, and re-iterated their
ambitions for more profitable upstream and less European downstream. In Libya,
there were signs of Euro IOC production starting to come back online. BP sought
approval for an appraisal well in the US GoM, which was the first after the Macondo
disaster.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Oil & Gas Atlas
Market bears claim victory in 3Q11
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: +1.3%
⇒ S&P 500 E&P Index: -2.3%
⇒ Oil Service Sector Index: -5.4%
⇒ UK FTSE Oil & Gas Producers Index: +1.4%
⇒ Asia Pacific Oil & Gas Producers Index: +1.9%
Weekly Market Recap
Last week was yet another volatile week for energy markets and capped one of the
worst quarterly performances of the past decade for the energy. The S&P/TSX Oil &
Gas Index dropped by a substantial 28.4% in 3Q11.
Sovereign debt fears in the Euro zone continued to weigh on the minds of investors,
raising concerns about sluggish future world demand at a time when fresh supplies
are forecasted to come online from Libya and Iraq. WTI settled at US$78.60/bbl at
market close on Friday after staging two mid-week rallies above US$84/bbl. NYMEX
settled at US$3.66/mmbtu, which is a fresh two-year low print.
Storage reports this week also contributed to bearish pressure on commodity prices.
The DOE report on Wednesday showed a build of +2.1mmbbls vs. +1.9mmbbls
expected. Gasoline stocks rose by +0.8mmbbls (vs. +1.0mmbbls expected) while
distillate stocks rose by +0.1mmbls (vs. an expected draw of 0.4mmbbls). The EIA
reported a build in US natural gas stocks of 111bcf vs. the consensus expected build
of 103bcf.
In the Euro E&P space, we published a sector piece where we screened our E&P
universe based on soundness of financing and value to see where relative safety
can be found. We concluded that Cairn, Faroe and SOCO provide the best
options. In Norway, Lundin made a significant upgrade to Avaldsnes resource
estimates. In Poland, Aurelian reported 1H11 results and confirmed low flow rates at
its Siekierki tight gas project. In Kazakhstan, Max Petroleum reported production test
results at its ASK-1 exploration well. Carin completed its Delta-1 exploration well in
Greenland without reaching the target Cretaceous zone.
In the Euro Integrated space, Total hosted a CMD in London, and re-iterated their
ambitions for more profitable upstream and less European downstream. In Libya,
there were signs of Euro IOC production starting to come back online. BP sought
approval for an appraisal well in the US GoM, which was the first after the Macondo
disaster.
No comments:
Post a Comment