Falklands : Hydrocarbons Daily Record (03/07/07)
Submitted by Falkland Islands News Network (Juanita Brock) 04.07.2007 (Article Archived on 18.07.2007)
Demand for gasoline over the 4th of July holiday has helped crude prices to increase today.
HYDROCARBONS DAILY RECORD: TUESDAY, 03 JULY 2007
By J. Brock (FINN)
At 1800LMT on Tuesday, 03 July 2007 Light Sweet Crude was trading at $71.41 up 32 Cents on the New York Mercantile Exchange and Brent Crude was trading at $72.93 up 30 Cents on London’s Ice Futures Market.
ANALYSIS:
Slow market sessions in the United States prior to the 4th of July holiday as well as the expectation that demand will increase during Independence Day have helped to increase the price of crude today.
THE MARKETS:
FTSE 100: 6,639.80 up 49.25
FTSE 250: 11,747.60 up 213.29
SmallCap: 4,037.20 up 24.87
DJI: 13,577.30 up 41.87
NASDAQ: 2,644.95 up 12.65
S&P500: 1,524.87 up 5.44
INTERNATIONAL DEVELOPMENTS:
(Iran)
Iranian President Mahmoud Ahmadinejad and his Venezuelan counterpart Hugo Chavez have opened the world’s largest aromatic petrochemical plant at the southern Iranian Port of Asalooyeh. "Borzooyeh" is designed to produce parazayline, artozayline, benzene, rafinit, heavy aromatics, liquefied gas, heavy and light hydrocarbons and penthane. According to a press release issued by president's office the men are scheduled to visit the South Pars energy region in Asalooyeh as well as attending the ground breaking ceremony of a refinery construction project for 15th and 16th development phases of South Pars gas field in the Persian Gulf. A co-operation agreement will also be signed by both presidents. A formal departure ceremony for the visiting President Chavez is to take place in southern Port City of Bushehr on the day the agreement is signed.
(Ghana)
According to Ghana’s newspapers, the Managing Director of the Ghana National Petroleum Corporation, Mr M.O. Boateng, has said his country has a huge oil potential. Mr Boateng is quoted as saying the recent oil find offshore the Cape Three Points in the Western region, has yet to be appraised but could be the tip of the iceberg, considering Ghana’s share of the world’s hydrocarbons. He referred to a report by the International Seabed Authority (ISA) that indicates about 1.23 billion (tons) barrels of oil and 660 billion cubic metres of gas were obtained from offshore basins.
REGIONAL DEVELOPMENTS:
(Ecuador)
Several newspapers in Latin America say that the government of Ecuador has hired Royal Dutch Shell PLC to do consulting work at the Esmeraldas refinery. Reports go on to say that Ecuador’s government is negotiating with Chile to co-manage the refinery. The articles quote interim Energy Minister Jorge Alban as saying that his government will pay Shell $17Million for a nine-month managing contract as well as training consulting work.
(Barbados)
Halvor Snarvold, a Business Development Advisor at Wavefield Inseis, has said there is a strong possibility that hydrocarbons are in Barbados’ territorial waters. Mr. Snarvold said his company began talks with the Ministry of Energy and the Environment last May and a vessel started work in Barbados on January 1 this year for about 62 days.
RELEVANT SHARE PRICES:
TLW: 490.25 up 2.25
DES: 30.00 unchanged
FOGL: 78.50 down 0.50
RKH: 41.50 unchanged
BOR: 26.00 unchanged
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