Falklands : Hydrocarbons Daily Record (10/05/07)
Submitted by Falkland Islands News Network (Juanita Brock) 11.05.2007 (Article Archived on 25.05.2007)
Nigeria’s rebels are ensuring higher oil prices and, yet again, they have taken hostages. This time they have seized oil workers in the delta. Supply concerns have also helped to increase the price of crude today.
HYDROCARBONS DAILY RECORD: THURSDAY, 10 MAY 2007
By J. Brock (FINN)
At 1800hrs LMT on Wednesday, 10 May 2007 Light Sweet Crude was trading at $61.81 up 26 Cents on the New York Mercantile Exchange and Brent Crude was trading at $65.79 up 59 Cents on London’s Ice Futures Market.
ANALYSIS:
Nigeria’s rebels are ensuring higher oil prices and, yet again, they have taken hostages. This time they have seized oil workers in the delta. Supply concerns have also helped to increase the price of crude today. Up and coming “worries” include the hurricane season, due to materialise around 01June – if not before. No one wants a repeat of last year’s troubles in the mid-east but that main factor could raise crude prices through the roof.
THE MARKETS
FTSE 100: 6,524.10 down 25.50
FTSE 250: 12,062.40 up 5.30
SmallCap: 4,115.30 up 2.27
DJI: 13,215.13 down 147.74
NASDAQ: 2,553.74 down 42.60
S&P 500: 1,491.47 down 21.11
A more than expected increase in the US Trade Deficit coming in at $64Billion as well as weak April sales caused a sell-off today on Wall Street.
INTERNATIONAL DEVELOPMENTS
(Alternative Fuel)
U.S. scientists are working to make hydrogen more stable and cost efficient than fossil fuels. Carnegie Mellon University researcher David Sholl In an interview with Science Daily, says that increased concern about global warming and a need to conserve natural fuel sources prompted him to begin his search for lightweight, low-cost hydrogen-storage materials. Hydrogen vehicles have been tested with great success, however it takes electricity to make hydrogen and its increased production could make us seek alternative methods for energy generation.
REGIONAL DEVELOPMENTS:
(Bolivia and Brazil)
Petrobras has announced a reduction in the price it is asking to transfer two refineries it owns in Bolivia that were taken up in the Nationalisation on 01 May 2006. Jose Fernando de Freitas, Petrobras' Bolivian chief, his company offered to sell the two plants to the Bolivian government for 112 million U.S. dollars, 30% less than the 160 million dollars it offered last week.
Petrobras has discovered gas in Espírito Santo well Brazil according to an announcement issued on Wednesday. The exploration arm of Petrobras has discovered gas in the Espírito Santo basin's 6-ESS-168 well.
RELEVANT SHARE PRICES:
TLW: 355.00 unchanged
DES: 25.75 up 0.50
FOGL: 87.50 down 1.00
RKH: 38.50 up 1.00
BOR: 24.25 unchanged
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