Energy Challange Issue

June 2007

	mWELCOME
	mSTORY
	mTRAIN
	mPRICES
	mPHASIS!
	mPATHY

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Meeting the Energy Challenge

The long-awaited Energy White Paper holds no real surprises for the energy industry as climate change and security top the agenda and the UK Government state their intentions to save energy, clean up fossil fuels and seriously consider nuclear again as a low carbon alternative in the power generation mix.

More legislation, more powers and more diversification are called upon as old power plants are entering the final stages of their expected life span and energy demand is on the increase. But will this paper help to bring about the changes it suggests?
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mWELCOME

Hello and welcome to the June issue of MZINE, our free monthly e-newsletter.  

This month we are taking a look at the UK Energy White Paper and how that may affect the UK energy mix, see MSTORY. MPRICES  looks at the spot Oil Forward Curve, whilst at MPHASIS Derek has uncovered the great energy deception! Don't forget to check out our thought of the month at MPATHY.

Our public course dates for 2007 have now been published and can be seen at http://www.energytrainingnetwork.com/public_courses.htm  The next few months can be found at MTRAIN.

Please feel free to contact me about this newsletter and let me have your thoughts, what you like and don't like, I am open to your suggestions.

And if you have enjoyed reading this newsletter and think you know someone who might also enjoy it then feel free to forward it on.

Kind regards.

Paul Cassar
Editor

mTRAIN

All of our training courses can now earn, participating solicitors, CPD points from the law society. Attendance at any of our events may also contribute to meeting accountancy CPD requirements under the terms of the ICAEW’s CPD policy. Please visit www.icaew.co.uk/cpd for the ICAEW's CPD policy details.

Over the next few months the following one-day events are being held in Oxford or London, UK. For an at a glance view of our 2007 public training dates please visit:
http://www.energytrainingnetwork.com/2007_pcg.htm

More information about these courses can be found by clicking on the course title or visiting energytrainingnetwork.com and clicking on public courses. Alternatively you can contact me by email or phone +44 (0) 1235 553917, fax +44 (0) 1235 553917.

Any of our public courses can be held at your location, for your company, or they can be tailor made to your requirements. If you want to find out more contact our Training Manager Nick White  +44(0) 1235 211161 and get ahead of the rest.

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mPRICES
Forward Oil Curve

Crude prices continue to rise on the back of strong gasoline markets. Problems at US refineries mean that gasoline stocks are unseasonally low as the summer driving season approaches, boosting demand for product imports. However, determined output restraint by OPEC and competition for feedstocks from the petrochemicals sector are limiting the supply of gasoline components on the world market, opening up record crack spreads for gasoline.

High crude stocks at Cushing and local refinery problems are keeping the front end of the forward curve in steep contango, leaving prompt WTI detached from the rest of the global crude market where supplies are much tighter. WTI is now trading at a discount to Brent as far ahead as mid-2009. The back end of the curve remains downward sloping, but prices are above $70/bbl until 2010. The balance of Calendar 2007 WTI is now at $67.5/bbl – nearly $3/bbl below Brent. The new OPEC basket of crudes is still trading atsame level as prompt WTI.

CGES Monthly Oil Report, 21 May 2007 www.cges.co.uk

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mPHASIS!
for the lighter side of life!

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mPATHY
thought of the month

MJMENERGY LTD have provided all the information in this newsletter free of charge to anyone who wishes to read it. We cannot be held responsible for any inaccuracies although all information is believed to be correct at time of publication. Whilst articles published in this newsletter often carry a particular  point of view, publication of them does not imply that we necessarily agree with them. Anyone wishing to contact the editorial team with regards to any of the above articles should email: editor@mjmenergy.com, or phone +44 (0) 1235 553917

Copyright © 2007, MJMENERGY LTD. All rights reserved (but feel free to copy, post, quote, think about or forward on)