First Enercast Financial Daily Newsletter

Wednesday, October 24th, 2007

• EIA report for week ending Warning: include(../eia/date-current.txt): failed to open stream: No such file or directory in /var/www/html/ecast2/admin/eia_text.php on line 3 Warning: include(): Failed opening '../eia/date-current.txt' for inclusion (include_path='.:/usr/lib/php/:/usr/share/pear/') in /var/www/html/ecast2/admin/eia_text.php on line 3 : Warning: include(../eia/total-current.txt): failed to open stream: No such file or directory in /var/www/html/ecast2/admin/eia_text.php on line 3 Warning: include(): Failed opening '../eia/total-current.txt' for inclusion (include_path='.:/usr/lib/php/:/usr/share/pear/') in /var/www/html/ecast2/admin/eia_text.php on line 3
• EIA weekly change: Warning: include(../eia/change-current.txt): failed to open stream: No such file or directory in /var/www/html/ecast2/admin/eia_text.php on line 4 Warning: include(): Failed opening '../eia/change-current.txt' for inclusion (include_path='.:/usr/lib/php/:/usr/share/pear/') in /var/www/html/ecast2/admin/eia_text.php on line 4

• First Enercast Financial prediction for week ending Warning: include(../eia/date-forecast.txt): failed to open stream: No such file or directory in /var/www/html/ecast2/admin/eia_text.php on line 12 Warning: include(): Failed opening '../eia/date-forecast.txt' for inclusion (include_path='.:/usr/lib/php/:/usr/share/pear/') in /var/www/html/ecast2/admin/eia_text.php on line 12 : Warning: include(../eia/total-forecast.txt): failed to open stream: No such file or directory in /var/www/html/ecast2/admin/eia_text.php on line 12 Warning: include(): Failed opening '../eia/total-forecast.txt' for inclusion (include_path='.:/usr/lib/php/:/usr/share/pear/') in /var/www/html/ecast2/admin/eia_text.php on line 12
• First Enercast Financial predicted weekly change: Warning: include(../eia/change-forecast.txt): failed to open stream: No such file or directory in /var/www/html/ecast2/admin/eia_text.php on line 13 Warning: include(): Failed opening '../eia/change-forecast.txt' for inclusion (include_path='.:/usr/lib/php/:/usr/share/pear/') in /var/www/html/ecast2/admin/eia_text.php on line 13

• US NATURAL GAS INVENTORY SURVEY: Injection Of 54 Bcf Seen
  HOUSTON (Dow Jones)--Analysts and traders expect government data to show a hefty build in natural gas storage relative to the same period last year, but close to the five-year average, as weather in large cities remained relatively mild last week. Full Story
  
• OPEC Price Hawks May Gain Ally In Ecuador
  NEW YORK (Dow Jones)--The prodigal minnow returns. Ecuador, OPEC's tiniest oil producer when it left the cartel in 1992, says it has been welcomed back. Full Story
  
• CHINA ENERGY WATCH: SPR Policy May Be Tested With $100 Oil
  SINGAPORE (Dow Jones)--Given predictions oil prices may hit $100 a barrel in the near future, China's energy policy could come under closer scrutiny amid the West's deeply entrenched wariness about Beijing's role and influence in the global energy market. Full Story
  
• OPEC oil output rises in October - Petrologistics
  LONDON -- OPEC is already raising oil production in response to record-high prices and in advance of its agreement to increase output from November, a consultant who tracks tanker movements said on Tuesday. Full Story
  
• Oil's return to Canadian Arctic is no stampede
  CALGARY, Alberta (Reuters) - Imperial Oil Ltd and Exxon Mobil Corp turned heads in the oil industry in July with a nearly $600 million bid that won them a big exploration block in Canada's Beaufort Sea. Full Story
  

• CFTC Asks Congress for $1 Million Fine Authority
  Oct. 24 (Bloomberg) -- The U.S. Commodity Futures Trading Commission is asking Congress to increase to $1 million the fines it can assess for market manipulation, raising penalties to the same level used by federal energy regulators. Full Story
  
• Darfur rebels say they kidnap foreign oil workers
  EL-FASHER, Sudan, Oct 24 (Reuters) - The Darfur rebel Justice and Equality Movement (JEM) said on Wednesday it had attacked the Defra oil field in Block 4, one of Sudan's largest sources of crude, and kidnapped two foreign oil workers. Full Story
  
• Bidding modest for Alaska North Slope lease sales
  ANCHORAGE, Alaska, Oct 24 (Reuters) - Energy companies and private investors bid slightly over $2 million for exploration rights in 121,600 state-owned acres on Alaska's North Slope and in the Beaufort Sea, according to preliminary results from two oil and gas lease sales held Wednesday by the Alaska Division of Oil and Gas. Full Story
  
• CFTC to seek govt oversight of ICE energy trading
  WASHINGTON, Oct 23 (Reuters) - In a major policy shift, the U.S. Commodity Futures Trading Commission will ask Congress to pass legislation to give the government more oversight of the oil, natural gas and other energy contracts traded on the Atlanta-based IntercontinentalExchange Full Story
  

• US GAS: Futures Up More Than 3% On Crude, Cold
  HOUSTON (Dow Jones)--Natural gas futures reversed four days of losses Wednesday, settling more than 3% higher as fears that cold weather could boost heating demand and higher crude oil prices lifted futures prices. Full Story
  
• OIL FUTURES: Crude Soars As US Inventories Fall
  NEW YORK (Dow Jones)--Crude oil futures shot higher Wednesday, breaking a run of three straight falls after weekly Department of Energy inventory data showed unexpected falls in U.S. crude oil, gasoline and distillate inventories. Full Story
  

• Nexen says royalty plan may force spending cut
  CALGARY, Alberta, Oct 24 (Reuters) - Nexen Inc (NXY.TO) warned on Wednesday that it may cut its spending in Alberta if proposed royalty changes slash its profits from producing oil and gas in the province. Full Story
  
• Murphy Oil 3rd-qtr net falls on refining margins
  NEW YORK, Oct 24 (Reuters) - U.S. oil and gas company Murphy Oil Corp (MUR.N) said on Wednesday its third-quarter earnings fell as lower refining margins outweighed higher crude oil prices. Full Story
  
• BP cuts North Sea jobs, sees conditions unsustainable
  LONDON, Oct 24 (Reuters) - Oil major BP Plc (BP.L) plans to cut its onshore North Sea workforce by almost 20 percent, citing unsustainable business conditions, as big industry players continue to reduce their presence in the mature oil-producing province. Full Story
  
• Occidental 3rd-qtr profit beats expectations
  NEW YORK, Oct 24 (Reuters) - Oil and gas company Occidental Petroleum Corp (OXY.N) posted better-than-expected third-quarter earnings on Wednesday on soaring crude prices. Full Story
  
• ConocoPhillips earnings fall on refining margins
  NEW YORK, Oct 24 (Reuters) - ConocoPhillips' (COP.N) third-quarter profit fell as lower refining margins outweighed higher crude oil prices, the third-largest U.S. oil company said on Wednesday. Full Story
  
• PSEG planning 400 MW of new gas-fired generation
  NEW YORK, Oct 24 (Reuters) - Power company Public Service Enterprise Group (PEG.N) said on Wednesday it plans to build up to 400 megawatts of new gas-fired generation. Full Story
  
• Penn Virginia Corporation Declares Dividend
  RADNOR, Pa.--(BUSINESS WIRE)--Penn Virginia Corporation (NYSE:PVA) announced today that its Board of Directors declared a regular quarterly dividend of $0.05625 per share payable November 20, 2007 to shareholders of record at the close of business on November 6, 2007. Full Story
  
• Conoco sees LUKOIL profit down 26 pct in Q3
  MOSCOW, Oct 24 (Reuters) - Russian oil firm LUKOIL's (LKOH.MM) third-quarter net profit likely fell by 26 percent from the previous quarter on lower prices and higher costs, shareholder ConocoPhillips (COP.N) said on Wednesday. Full Story
  

• DOE Oil Data Release
  By Joel Fingerman
  Major tables and charts including year over year data and Joel's storage forecast... Full Story