Wednesday, June 2, 2010

Oil and natural gas daily review (June 02, 2010)

By Nirmal Bang


U.S. crude oil futures settled nearly 2 percent lower on Tuesday as concerns that Europe's debt problems may spread and data showing slower growth in China weighed on the euro and oil futures.


- Indonesia's crude oil production rose slightly in May from April due to increased production at several oil fields, an official at the country's energy watchdog said on Tuesday. Crude oil production rose to 832,800 barrels per day (bpd) in May, from 825,800 bpd in April, while condensate output was stable at 140,000 bpd.

- Nigeria's crude oil exports were set to average 2.18 million barrels per day in July, rising from 1.95 million bpd in June, trade sources said on Tuesday.

- Kenya has bought two 600,000-barrel cargoes of Abu Dhabi Murban crude for July arrival in its monthly tender at a lower differential than last month, a trader said on Tuesday.

- Nigeria's crude oil exports were set to soar well above 2 million barrels per day (bpd) in July, trade sources said on Tuesday, as delayed cargoes from the previous two months boosted volumes.

- India's state-run Hindustan Petroleum Corp has for the first time bought Nigerian Antan crude via a tender for July lifting, two trade sources said on Tuesday.


U.S. crude futures trading below $72 a barrel on NYMEX, continuing their recent slide as a stronger dollar weighed on oil. We expect some bounce back in the Crude prices later in the session on the back of bullish fundamentals.

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