Falklands : Hydrocarbons Daily Record (18 October 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 19.10.2007 (Article Archived on 02.11.2007)
Fear mongers are milking tensions between Turkey and Iraq for all they can get.
HYDROCARBONS DAILY RECORD (18 OCTOBER 2007)
By J. Brock (FINN)
CRUDE PRICES: Thursday, 18 October 2007
(1800 LMT)
Light Sweet Crude traded at $$89.55 up $2.15 Cents on the New York Mercantile Exchange. Brent Crude was trading at $84.61 up $1.48 on London’s ICE Futures Market.
ANALYSIS:
Fear mongers are milking tensions along the Iraq-Turkey border for all they can get. Crude’s dramatic jump today also can be blamed on a weak dollar and comments made by OPEC prior to their next meeting. It has been OPEC’s policy not to cut production because of their belief that the world supply of crude was adequate to meet demand.
THE MARKETS:
FTSE 100: 6,609.40 down 68.27, FTSE250: 11,411.60 down 126.35, SmallCap: 3,853.30 down 12.21
DJI: 13,888.96 down 3.58, NASDAQ: 2,799.31 up 6.64, S&P500: 1,540.08 down1.16
INTERNATIONAL DEVELOPMENTS:
(Canada)
According to a company press release Devon Energy Corp made a sizable oil discovery in Canada's Beaufort Sea. Data from an exploration well drilled nearly two years ago showed recoverable reserves estimated at 240 million barrels with its $60 million. Company officials say it could be at least 10 years before the find is developed.
REGIONAL DEVELOPMENTS:
(Peru and Mexico)
Recent Latin American press reports indicate that Repsol YPF could become a player in Latin America’s LNG market. The outcome of recent negotians means that the company will be allowed it to export LNG from Peru’s Camisea project to the Manzanillo regasification terminal on Mexico’s Pacific coast.
(Cuba)
Cienfuegos Oil Refinery a Cuban-Venezuelan joint venture has now been completely renovated and modernised, and will restart operation in December. Some 136 million dollars were spent on its restoration. The project includes a petrochemical complex. The refinery will initially process some 65,000 barrels of crude oil daily and will store up to 4,2 million barrels of oil and oil derivatives. The second stage, costing more than 1.3 billion dollars features a higher refining capacity up to 108,000 barrels a day and the potential for other projects including a petrochemical plant.
RELEVANT SHARE PRICES:
(1800 LMT)
London Stock Exchange:
TLW: 637.00 up 13.00, DES: 29.00 down 0.25, FOGL: 146.50 up 6.50, RKH: 49.50 unchanged, BOR: 36.50 down 0.50, PRE: 14.00 down 0.75, GBP: 10.25 unchanged, GPK: 425.00 up 1.50, BLT 1847.00 up 24.00 RDSA: 20.80 down 6.00, RDSB: 2069.00 down 12.00, RDSD: 29.83 down 9.38
New York Stock Exchange:
XOM: 95.05 up 0.25
|
