Falklands : Hydrocarbons Daily Record Wednesday, 05 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 06.03.2008 (Article Archived on 20.03.2008)
The OPEC decision not to increase production and a sharp decline in crude stocks in the US have caused crude prices to rise today.
HYDROCARBONS DAILY RECORD WEDNESDAY, 5 MARCH 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 05 March 2008 Light Sweet Crude was trading at $104.52 up $5.00 on the New York Mercantile Exchange. Brent Crude was trading at $100.77 up $3.25 on London’s ICE Futures Market.
ANALYSIS: A sharp drop in crude inventories noted in the US Department of Energy Administration’s weekly report and the decision taken by OPEC not to increase production has caused a sharp rise in the price of crude today.
(RELATED STORIES)
The Organization of Petroleum Exporting Countries announced that it will not pump more -- or less -- oil right now because crude supplies are plentiful and demand is expected to weaken in the second quarter.
http://edition.cnn.com/2008/WORLD/europe/03/05/opec.oil.ap/
Oil surged Wednesday, rising a remarkable $5 a barrel to a new record over $104 after the government reported a surprise drop in crude oil stockpiles
http://customwire.ap.org/dynamic/stories/O/OIL_PRICES?SITE=NDBIS&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2008-03-05-11-10-39
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 05 March 2008.
TLW: 642.00 up 19.00, DES: 71.25 down 8.00, FOGL: 130.00 up 2.50 RKH: 79.00 down 0.50, BOR: 72.00 down 1.50, PRE: 12.75 unchanged, GBP: 7.13 unchanged, GPK: 419.00 down 2.50, BLT 1657.00 up 36.00, RDSA: 1772.00 up 38.00 RDSB: 1740.00 up 34.00
New York Stock Exchange:
XOM: 87.19 up 0.50 (USD)
THE MARKETS (05/03/08)
FTSE100: 5,853.50 up 85.76, FTSE250: 10,144.50 up 199.62 SmallCap: 3,240.60 up 36.16
DJI: 12,254.99 up 41.19 NASDAQ: 2,272.81 up 12.53 S&P500: 1,333.70 up6.95
INTERNATIONAL DEVELOPMENTS:
(United States)
FX Energy, Inc. (NASDAQ: FXEN) today reported that it received $7.2 million from the exercise of expiring warrants. The warrants were issued in a 2003 offering of common stock and warrants. Exercise price of the warrants was $3.60 per share. A further 1.2 million warrants remain outstanding and will expire in July and November 2008. The exercise price of the remaining warrants is $3.75 per share.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0371076.htm
(Titan)
Saturn's orange moon Titan has hundreds of times more liquid hydrocarbons than all the known oil and natural gas reserves on Earth, according to new data from NASA's Cassini spacecraft. The hydrocarbons rain from the sky, collecting in vast deposits that form lakes and dunes.
http://www.scienceblog.com/cms/titans-surface-organics-surpass-oil-reserves-earth-15615.html
REGIONAL DEVELOPMENTS:
(Argentina)
Repsol YPF (NYSE:REP PRA) said it has registered to list 78,662,559 shares of its YPF arm on the US stock exchange, in a filing with the US Securities & Exchange Commission (SEC) on Feb 29.
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23534012.htm
(Brazil)
Brazil's state-run energy firm Petrobras reported lower profits for the fourth quarter of 2007 and the whole year due to a decline in oil production, higher operating costs and appreciation of Brazil's currency...
http://www.energyintel.com/DocumentDetail.asp?Try=Yes&document_id=225308&publication_id=31
Brazilian oil company Petrobras has announced the establishment of a subsidiary to manage its biofuel area, which is currently spread around several of the company's divisions. The new company will have a capital of US$ 1.5 billion and will answer to the purchase of inputs, production of ethanol, biodiesel processing and future investment in the area.
http://www.anba.com.br/ingles/noticia.php?id=17583
(Cuba and Venezuela)
Processing at a Cuban-Venezuelan oil refinery is on schedule two months into operations with gasoline output beginning this month and expansion plans on the drawing board, a company executive told a local newspaper this week.
http://www.reuters.com/article/reutersComService_3_MOLT/idUSN0559727520080305
(Ecuador)
Ecuador’s state-owned oil company, PetroEcuador, wants private-sector contractors to develop four fields in the Amazon basin, backing off from plans to involve government-controlled majors from Asia and Latin America in the projects.
http://www.petroleumworld.com/story08030512.htm
Ecuador’s state-owned oil company, PetroEcuador, wants private-sector contractors to develop four fields in the Amazon basin, backing off from plans to involve government-controlled majors from Asia and Latin America in the projects.
http://www.ft.com/cms/s/0/cf1b8746-ea3d-11dc-b3c9-0000779fd2ac.html?nclick_check=1
(Venezuela)
OPEC members have pledged their support to Venezuela in its dispute with US oil giant Exxon Mobil, at today''s production meeting in Vienna.
http://www.euro2day.gr/articlesfna/60324845/
Exxon Mobil's (XOM.N: Quote, Profile, Research) legal actions against Venezuela are keeping oil prices high, Venezuelan Oil Minister Rafael Ramirez said on Wednesday in an interview with Venezuelan state television.
http://www.reuters.com/article/rbssEnergyNews/idUSN0519096520080305
LOCAL DEVELOPMENTS:
Two of the quartet of UK-listed stocks searching for oil around the Falklands closed at all-time highs yesterday.
Interest in the islands was reignited last month when Desire Petroleum signed a deal that should allow drilling to commence at some of its prospects in the region, five months after Falkland Oil & Gas struck an agreement with BHP Billiton.
http://www.ft.com/cms/s/0/7051e8be-ea55-11dc-b3c9-0000779fd2ac.html
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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