Falklands : Hydrocarbons Daily Record Wednesday, 16 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 17.04.2008 (Article Archived on 01.05.2008)
Crude prices increased sharply today on the weakening US Dollar and sharp reductions in supply listed on the US Department of Energy Administration’s weekly inventory report. This is the second day in a row that crude closed at record prices.
HYDROCARBONS DAILY RECORD WEDNESDAY, 16 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Wednesday, 16 April 2008 Light Sweet Crude was trading at $114.93 up $1.14 on the New York Mercantile Exchange. Brent Crude was trading at $111.58 up 48 Cents on London’s ICE Futures Market.
Crude prices increased sharply today on the weakening US Dollar and sharp reductions in supply listed on the US Department of Energy Administration’s weekly inventory report. This is the second day in a row that crude closed at record prices. Crude supplies have dropped but what makes investors nervous is the capacity of refineries to process the crude into gasoline ahead of the summer drive season.
At 81% it is well down on last year’s capacity. Optimal, refinery capacity should be anywhere between 95% and 100% capacity. It has been quite some time since refinery capacity reached these numbers and it is understood that refining crude brought in at lower prices than they are today is being used in the refineries.
It is doubtful this factor alone will bring the price of hydrocarbons products down but it could keep them from rising extortionately until crude at higher prices is bought in for refining.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 16 April 2008.
TLW: 718.00 up 5.00, DES: 90.25 down 1.25, FOGL: 135.50 up 5.00, RKH: 115.00 up 6.00, BOR: 69.75 down 2.25, PRE: 11.50 unchanged, GBP: 7.25 up 0.25 GPK: 391.00 unchanged, BLT 1865.00 up 95.00 RDSA: 1916.00 up 61.00 RDSB: 1888.00 up 52
New York Stock Exchange:
XOM: 92.83 up 2.03 (USD)
THE MARKETS (16/04/08)
FTSE100: 6,046.20 up 139.34, FTSE250: 10,091.20 up 187.02 SmallCap: 3,084.20 up 33.07
DJI: 12,619.27 up 256.80 NASDAQ: 2,350.11 up 64.07 S&P500: 1,364.65 up 30.22
The arrest last week of three civic activists in the Albanian southern port town of Vlora has again put the battle over the planned construction of an oil deposit terminal under the spotlight.
(Development and Research)
Four Scania buses fueled entirely by Neste Oil Corp.’s second-generation biodiesel NExBTL began running in Helsinki, Finland, in April. It’s the second stage of a plan to improve the Finnish capital’s air quality.
Energy supply and climate change impose themselves as major challenges for the future generations. The European Union is faced with a new world energy equation: it is necessary at the same time to ensure the diversity of sources of supply and transport routes and to include more of them in our energy mix. The European Union has an essential role to play in taking up this challenge.
Argentina's state energy company Enarsa has launched the first of six offshore rounds to be held bi-annually through 2010, Argentina's planning minister Julio de Vido said in a webcast to launch the round.
Brazil's Carioca prospect may have 98 percent less crude than a figure cited by the country's oil agency, Credit Suisse Group said, challenging claims that the field is the biggest-ever discovery outside the Middle East.
Latin American oil and gas firm GeoPark has discovered a new gas field on the Fell Block in Chile after the successful testing of the Cerro Sutlej 1 exploration well.
Gran Tierra Energy Inc. (Amex: GTE; TSX: GTE), a company focused on oil exploration and production in South America, today announced that it had completed initial testing operations on Costayaco-3, a new well drilled in the recently discovered Costayaco Field in Colombia. Gran Tierra Energy also updated progress being made with additional drilling activities and production infrastructure development.
Oil giant Chevron has rejected the findings of a report commissioned by the Ecuadoran government which claims the company is liable to pay billions of dollars in compensation for quarter of a century of pollution.
Peru faces a peculiar predicament for a South American country. As many of its neighbors face moderate to severe natural gas restrictions, Peru is wondering what to do with all its recently discovered gas. Given the region’s political realities, Peru will likely solve the “problem” by expanding domestic consumption and increasing exports via LNG.
Caracas, Apr 16 (Prensa Latina) The policy on oil sovereignty encouraged by Venezuelan President Hugo Chavez guarantees far-reaching projects with funds from the exploitation and commercialization of hydrocarbons, according to official figures published Wednesday.
Venezuela's National Assembly Tuesday passed a new oil windfall tax in the latest blow by President Hugo Chávez to foreign oil companies operating in this oil-rich Andean nation.