Falklands : Hydrocarbons Daily Record Tuesday, 12 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 13.02.2008 (Article Archived on 27.02.2008)
The expected increase in crude supplies has caused prices to decrease today. One item that may cause inventories to rise is the decreased capacity for refineries to process crude into hydrocarbons products.
HYDROCARBONS DAILY RECORD TUESDAY, 12 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 12 February 2008 Light Sweet Crude was trading at $92.78 down 81 Cents on the New York Mercantile Exchange. Brent Crude was trading at $92.79 down 74 Cents on London’s ICE Futures Market
The expected increase in crude supplies has caused prices to decrease today. One item that may cause inventories to rise is the decreased capacity for refineries to process crude into hydrocarbons products. HDR awaits the weekly inventory report from the US Department of Energy Administration.
The monthly Short-Term Energy Outlook from the Energy Department's Energy Information Administration (EIA) sees more softening in oil prices, as increased production over the next two years offsets "moderate" world oil demand growth.
(HDR Not Alone)
Venezuelan President Hugo Chavez's latest threat to cut off oil sales to the U.S. produces tantalizing headlines and rattles some oil traders' nerves. But analysts say it presents no long-term danger to global oil supplies or prices, and makes no economic or political sense for his own country.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 12 February 2008.
TLW: 609.50 up 16.50, DES: 26.75 down 0.25, FOGL: 119.50 unchanged, RKH: 48.50 unchanged, BOR: 39.00 unchanged, PRE: 13.25 unchanged, GBP: 7.13 unchanged, GPK: 427.00 unchanged, BLT 1555.00 up 72.00, RDSA: 1794.00 up 77.00 RDSB: 1771.00 up 85.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 84.38 up 1.16 (Trading in USD)
THE MARKETS (12/02/08)
FTSE100: 5.910.00 up 202.31, FTSE250: 10,040.20 up 304.81 SmallCap: 3,175.80 up 55.10
DJI: 12,373.41 up 133.40, NASDAQ: 2,320.04 down 0.02 S&P500: 1,348.86 up 9.73
In 2007 Russia became the world's second-largest arms exporter, exceeded only by the United States. As Moscow seeks out new markets, it is increasingly eyeing prospects in what Washington regards as its own backyard, Latin America. Moving beyond its long-standing contacts with Cuba to emerging markets such as Venezuela, the greatest potential prize remains Brazil, whose relations with Russia in the last several years have been steadily deepening.
The Argentina unit of Royal Dutch Shell PLC (RDSA) has decided to resume full-capacity operations at its Dock Sud refinery after the government authorized renewed exports for surplus fuel and petrochemicals.
Brazil’s Petrobras is now one of the top six most highly market-capitalized energy firms in the world, joining other national oil companies (NOCs) that are replacing familiar private-sector players, PFC Energy said in a report last month. Will the company's success endure? What do other Latin American NOCs need to do to join the ranks of the world's influential players?
Ecopetrol, the Colombian state oil firm, is acquiring Propilco, the country's major polypropylene company at a cost of $690 M. Propilco has a polypropylene capacity of 380,000 tonnes and yields sales of over $600 M/y. Ecopetrol produces approximately 87,000 tonnes/y of ethylene and 57,000 tonnes of polyethylene. Following Ecopetrol's move, Petrobras, Brazil's state oil firm, is also boosting its petrochemical presence.
A demand from Ecuador Attorney General Xavier Garaicoa to oust four oil companies off the so-called intangible area of the Yasuni National Park has created great expectation among Ecuadoreans.
West Texas Intermediate Monday climbed 2 percent ending over USD 93, amidst severe cold weather northeast US, problems in Valero refinery and President Hugo Chávez's threats to halt oil sales to the United States if state oil giant Pdvsa's assets were actually frozen under a court order US oil major Exxon Mobil won against the Venezuelan holding.
Halting Venezuelan oil exports to the United States is possible, but would be undesirable and costly, a top official in the OPEC nation said Tuesday, a day after oil prices rose on a threat by President Hugo Chavez.
Curtailing supplies is always "feasible" but would hurt both nations' economies, said Bernard Mommer, a senior official at state-oil company PDVSA and top strategist in Chavez's drive to bring Venezuela's energy resources under government control.