Falklands : Hydrocarbons Daily Record Tuesday, 19 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 20.02.2008 (Article Archived on 05.03.2008)
That which we feared has come upon us - $100.00 crude.
HYDROCARBONS DAILY RECORD TUESDAY, 19 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 19 February 2008 Light Sweet Crude was trading at $100.01 up $4.51 on the New York Mercantile Exchange. Brent Crude was trading at $98.56 up $3.65 on London’s ICE Futures Market.
ANALYSIS:
Factors contributing to today’s rise in crude prices include the declining value of the US Dollar, the refinery fire in Texas and speculation that OPEC will take the decision to cut production when it meets next month.
Perhaps OPEC might be right as it would be unwise to produce the crude if people can’t afford to buy its products.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 19 February 2008.
TLW: 615.50 up 1.50, DES: 33.25 up 1.75, FOGL: 121.50 down 0.50, RKH: 52.00 unchanged, BOR: 53.50 up 0.50 PRE: 12.75 unchanged, GBP: 7.13 unchanged, GPK: 426.00 unchanged, BLT 1656.00 up 38.00, RDSA: 1828.00 up 22.00 RDSB: 1789.00 up 15.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 87.01 up 1.64
THE MARKETS (19/02/08)
FTSE100: 5.966.90 up 20.28, FTSE250: 10.208.60 up 124.55 SmallCap: 3,244.40 up 37.04
DJI: 12,337.22 down 10.99 NASDAQ: 2,306.20 down 15.60 S&P500: 1,348.78 down 1.21
INTERNATIONAL DEVELOPMENTS:
Oil futures shot higher Tuesday, closing above $100 for the first time as investors bet that crude prices will keep climbing despite evidence of plentiful supplies and falling demand. At the pump, gas prices rose further above $3 a gallon.
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8UTJFM00
World oil prices soared above 98 dollars per barrel on Tuesday, which was not far from last month's record peak, as the market was energised by simmering tensions in key producing nations.
http://afp.google.com/article/ALeqM5g7Q8Nn06bWe_cSBoWmtGL5ohFKvQ
REGIONAL DEVELOPMENTS:
(Argentina)
Repsol-YPF scheduled refinery shutdowns for this year include a 25-day halt for the 140,000 barrels per day Puertollano facility in the third quarter, a spokesman for the oil company said.
http://www.reuters.com/article/rbssEnergyNews/idUSL1990342920080219
Repsol YPF said late yesterday the sale of 14.9 pct of its Argentinian unit YPF to Petersen Energia, owned by businessman Enrique Eskenazi, will close on Feb 21.
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23044641.htm
(Brazil)
The theft of information linked to recent and potentially massive offshore petroleum discoveries was probably corporate espionage, Brazilian police said Tuesday.
http://www.chron.com/disp/story.mpl/ap/fn/5552454.html
(Ecuador)
Ecuador's inspector general on Tuesday urged the government to end its deal with Petrobras.
http://www.reuters.com/article/bondsNews/idUSN1927809220080219
(Venezuela)
Much is said about Venezuelan president Hugo Chávez’s petro-diplomacy: spending his country’s oil wealth throughout Latin America and the Caribbean to spread socialist ideals and reward allies. But while petro-diplomacy is certainly at play in the region, the strategy goes hand-in-hand with a lesser-known economic objective: opening up markets for Venezuela’s extra-heavy crude exports and expertise. In fact, Venezuela is developing heavy-crude refinery projects in Brazil, Cuba, Ecuador, Jamaica, Nicaragua, and Uruguay, selling its knowledge of heavy-crude processing and thereby helping open markets for its Orinoco oil.
http://www.energytribune.com/articles.cfm?aid=803
LOCAL DEVELOPMENTS:
Rockhopper Exploration completed the initial phase of mapping of prospects in its North Falkland Basin licenses, PL032 and PL033, where 328 square miles (850 sq km) of 3-D seismic data were collected in 2007. The directors of Rockhopper estimate that the prospects identified could contain 1.9 billion barrels of P10 reserves and about 1.2 billion barrels of P50 reserves.
http://www.energycurrent.com/index.php?id=2&storyid=8948
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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