Falklands : Hydrocarbons Daily Record (29 and 30 August 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 31.08.2007 (Article Archived on 14.09.2007)
The economy and an US Department of Energy Administration inventory report have helped crude prices to increase today.
HYDROCARBONS DAILY RECORD WEDNESDAY, 29 AUGUST and THURSDAY, 30 AUGUST 2007
Compiled by J. Brock (FINN)
At 1800hrs on Thursday, 30 August 2007 Light Sweet Crude was trading at $73.73 up 22 Cents on the New York Mercantile Exchange and Brent Crude was trading at $72.19 up 6 Cents on London’s Ice Futures Market.
At 1800hrs on Wednesday, 29 August 2007 Light Sweet Crude was trading at $73.51 up $1.78 on the New York Mercantile Exchange and Brent Crude was trading at $71.67 up $1.12 on London’s Ice Futures Market.
ANALYSIS
The US Department of Energy Administration has released its report for the week ending 24 August 2007 and it is very much in negative territory, with crude dropping 3.5 million barrels and gasoline by 3.6 million barrels This added with OPEC’s hint of a higher benchmark for crude and a refusal to increase production has helped prices to increase. When the summer drive season is finished, it is hoped there will be relief.
THE MARKETS
FTSE100: 6,21200 up 79.80, FTSE250: 11,099.50 up 207.60, SmallCap: unavailable
DJI: 13,238.73 down 50.56, NASDAQ: 2,565.30 up 2.14, S&P500: 1,457.54 down 6.12
BRIEF INVENTORY REPORT:
Crude: down 3.5 million barrels to 333.6 million barrels
Gasoline: down 3.6 million barrels to 192.6 million barrels
Refinery Capacity: down 1.3% to 90.3%
INTERNATIONAL DEVELOPMENTS:
OPEC’s next meeting at which production rates will be discussed will occur on 11 September. It is said that ministers are not in favour of increasing production as they believe there is sufficient crude in circulation to meet demand. Along with the organisation’s hints of $70.00 it is thought that crude prices could remain artificially high for some time yet.
REGIONAL DEVELOPMENTS:
(Argentina)
Several Latin American newspapers report that ExxonMobil is seeking to sell its Argentine unit, Esso. It is thought that Government intervention has caused enough pressure to sell the business. It is understood that JP Morgan will help facilitate the sale of assets including hundreds of service stations and a refinery for $200 million. Press reports say the company will not confirm or deny the alleged sale.
(Chile)
AIM listed GeoPark Holdings Ltd has announced that it discovered gas in one of the several exploratory wells drilled in Chile’s Magallanes Region. GeoPark Holdings has warned that more detailed testing is needed to assess the full extent of resources found in the Pampa Larga 12 well, which is part of the Fell block formation of the Springhill formation. Geopark Holdings Lomited’s share price is now added to HDR’s relevant share price list.
(Venezuela
According to press reports, Venezuela’s government has given several oil companies their marching orders. The oil agreements thus far reached have been changed to joint ventures that consolidate the country's control over hydrocarbons. Energy Minister Rafael Ramirez said that the operations carried out before, under risk contracts and associations, are now under the control of the state-owned company Petroleos de Venezuela S.A. (PDVSA).
RELEVANT SHARE PRICES:
Thursday, 30 August 2007
TLW: 496.25 up 13.75, DES: 28.00 up 0.25, FOGL: 138.50 up 12.00, RKH: 45.00 unchanged BOR: 27.50 up 1.50, PRE: 12.50 unchanged, GBP: 7.75 unchanged, GBK: 425.00 unchanged.
Wednesday, 29 August 2007
TLW: 482.50 up 2.75, DES: 27.75 up 0.50, FOGL: 126.50 down 3.50, RKH: 45.00 down 1.50 BOR: 26.00 down 1.00, PRE: 12.50 unchanged, GBP: 7.75 down 0.25, GBK: 425.00 unchanged.
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