Falklands : Hydrocarbons Daily Record (13 November 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 14.11.2007 (Article Archived on 28.11.2007)
Opec Ministers are admitting that there is enough crude in the system and that demand is declining.
HYDROCARBONS DAILY RECORD (13 NOVEMBER 2007)
By J. Brock (FINN)
TODAY’S TOP STORY:
Desire Petroleum plc (the "Company") Holding in Company The Company was notified on 12 November 2007 that, following an acquisition of voting rights on 8 November 2007, Credit Agricole Cheuvreux. International Ltd is interested in 9,040,413 ordinary shares of the Company, representing 3.98 percent. of the issued share capital of the Company. This information is provided by RNS The company news service from the London Stock Exchange
CRUDE PRICES Tuesday, 13 November 2007:
Light Sweet Crude traded at $92.40 down $2.22 on the New York Mercantile Exchange. Brent Crude was trading at $88.47 down $3.51 on London’s ICE Futures Market.
ANALYSIS Tuesday, 13 November 2007:
OPEC Ministers have admitted that there are excellent supplies of crude and that demand is going down. This is the main reason for crude price declines today. Crude prices are still artificially high and demand has not declined sufficiently to lower them further at the moment. Distillate prices need to decline to help poorer people make it through the northern winter.
SHARE PRICES: TUESDAY, 13 NOVEMBER 2007
TLW: 613.00 down 14.00 DES: 25.00 up 0.50, FOGL: 150.00 up 0.50, RKH: 47.00 down 1.50, BOR: 35.50 up 0.50, PRE: 14.25 down 0.75, GBP: 10.00 down 0.25, GPK: 425.00 unchanged, BLT 1591.00 down 16.00 RDSA: 1938.00 down 39.00, RDSB: 1918.00 down 42.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 86.61 up 2.07
THE MARKETS ON TUESDAY, 13 November 2007:
FTSE100: 6,337.90 down 33.02, FTSE 250: 10,894.30 up 35.24, SmallCap: 3,652.70 down 10.34
DJI: 12.987.55 down 55.19, NASDAQ: 2,584.13 down 43.81, S&P500: 1,439.18 down 14.52
INTERNATIONAL DEVELOPMENTS:
(China)
From a Company Press Release:
China National Petroleum Corp (CNPC) announced today that the government of Venezuela has granted oil exploration rights in the Sumano field. CNPC is in joint venture with PDVSA, Venezuela’s state owned energy company. CNPC will take a 40 % stake in any commercial production in the oil block. CNPC and PDVSA will also set up a joint venture to develop two oil blocks in Venezuela's Orinoco field.
(100X Translation Service)
REGIONAL DEVELOPMENTS:
(Brazil)
From a press release:
PETROBRAS, Brazil’s state run energy company, announced today that it will drill a series of wells to probe the area around a huge offshore oil field that officials last week said could raise Brazilian reserves by 40 percent. The Company plans to drill 32 test wells to get a better understanding of the size of the area around the Tupi field, said to be very deep.
Petrobras has a 65 percent operating stake in the Tupi field, located in the Santos Basin off Brazil's southeast Atlantic coast British energy company BG Group PLC holds 25 percent, and Portugal's Galp Energia has the remaining 10 percent.
(100X Translation Service)
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