Crude futures traded higher in Europe following the UN nuclear watchdog report on Iran which indicated the country is increasing their holdings of enriched uranium, and with notable weakness in the USD-Index (-0.4%) as markets keenly await Fed chairman Bernanke at today's Jackson Hole symposium.
Oil & Gas News
US dependence on imported petroleum climbed in June, with net imports of crude and refined products averaging 8.184MBPD according to Energy Information Administration (EIA).?
The White House reiterated that a release of the strategic petroleum reserves (SPR) was still an option.
Geopolitical News
An International Atomic Energy Agency (IAEA) report says Iran has doubled uranium-enrichment centrifuges to 2,000 since May. It also said that its ability to inspect the Parchin military base where it suspects nuclear weapons research has taken place had been 'significantly hampered' by a suspected clean-up.
In reaction to the IAEA report Iran said they reject the UN nuclear watchdog's accusations over their Parchin military base.
The IAEA said that North Korea has made significant progress in the construction of a new light-water reactor which would be used for cooling processes.
Corporate News
China National Petroleum said it started production planning for oil facilities in Sudan and South Sudan amid indications the two Africa nations will sign an agreement that may boost crude exports from the south.
US regulators are allowing Shell to proceed with certain work in advance of potential drilling in Alaska's Chukchi Sea, authorities said in a statement Thursday.?
Shell and Motiva are assessing the impact of hurricane Isaac on its manufacturing and distribution facilities. According to Shell, Convent and Collins terminal have re-opened, while Kenner terminal remains shut down; refiner at Norco, LA still shut while the chemical plant is still operating at reduced rates; the pipeline in Nigeria to Nembe creek flow station is also shut.?
reported flaring at its 238,600BPD refinery in Joliet, Illinois today according to a filing.?
Weather news
According to weather derivatives accurate as of August 30th, temperatures are set to 0.9% warmer in the next 6-10 days, with particularly warm weather seen in the South-central, & North-west regions.
Tropical Depression Isaac is bringing heavy rainfall and the threat of flash flooding to the lower Mississippi river valley according to the U.S. national Hurricane Centre.?
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