Falklands : Hydrocarbons Daily Record (05/07/07)
Submitted by Falkland Islands News Network (Juanita Brock) 06.07.2007 (Article Archived on 20.07.2007)
Fears about geopolitics in Nigeria have helped crude prices to increase today.
HYDROCARBONS DAILY RECORD: THURSSDAY, 05 JULY 2007
By J. Brock (FINN)
At 1800LMT on Thursday, 05 July 2007 Light Sweet Crude was trading at $71.81 up 40 Cents on the New York Mercantile Exchange and Brent Crude was trading at $74.81 up $1.76 on London’s Ice Futures Market.
ANALYSIS:
Fears that there will be more kidnapping and oil platform take-overs in Nigeria have helped to raise the price of crude today. What’s keeping prices higher this drive season is nervousness about not enough gasoline to meet demand. A complete refinery shut-down in Kansas helped to keep prices artificially high. At the end of the day there was a better than expected inventory report and this helped prices to keep steady. Prices are at a 10-month high. It was 14 July 2006 when the highest ever prices at $78.40 were recorded.
BRIEF INVENTORY REPORT FOR WEEK ENDING 29 JUNE 2007:
Note: Imports helped to increase the numbers in the report. The US imported 10.8 million barrels of crude per day last week and 1.4 million barrels of gasoline per day during the same period.
Gasoline: up 1.8 million barrels to 224.4 million barrels
Crude: up 3.1 million barrels to 354 million barrels
Distillates: up 1.2 million barrels to 121.6 million barrels
Refinery Capacity: up 0.6% from 89.4% to 90%
THE MARKETS:
FTSE 100: 6,635.20 down 37.87
FTSE 250: 11,802.80 down 31.41
SmallCap: 4,051.60 up 4.14
DJI: 13,565.84 down 11.46
NASDAQ: 2,656.65 up 11.70
S&P500: 1,525.40 up 0.53
INTERNATIONAL DEVELOPMENTS:
(Iran)
Mohammad-Reza Odabaei, a local representative of Gaz de France has announced that his company has purchased the data from four hydrocarbon blocks offered to tender for exploration and development by the Iranian government. He went on to say that his company wanted to help Iran produce and refine gas from those fields, as it had been involved in their exploration.
REGIONAL DEVELOPMENTS:
(Peru)
Several Latin American newspapers have run a story about The Interethnic Association for the Development of the Peruvian Jungle (AIDESEP), an indigenous peoples’ organization. The organisation does not want any oil exploration in remote tribal areas. The tribes face extinction from an oil exploration and exploitation in Peru that has caused 70% of the Peruvian Amazon opened up to exploration. AIDESEP has written to fourteen major oil companies asking them to understand the extreme vulnerability of these isolated peoples and the risks they will face if oil exploration takes place on their land.’ Exxon Mobil and Repsol YPF are amongst the companies which AIDESEP has written to.
RELEVANT SHARE PRICES:
TLW: 500.50 up 1.25
DES: 30.00 unchanged
FOGL: 78.50 unchanged
RKH: 41.50 unchanged
BOR: 26.00 unchanged
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