Falklands : Hydrocarbons Daily Record Sunday, 30 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 30.03.2008 (Article Archived on 13.04.2008)
The up and down world of crude prices won’t go down consistently until the bubble bursts. People are beginning to lose their jobs but it won’t be until there are genuine losses and a sharp decrease in demand that investors will get the message. Crude prices eased on a declining market this Friday.
HYDROCARBONS DAILY RECORD SUNDAY, 30 MARCH 2008
By J. Brock (FINN)
At 1900hrs LMT on Friday, 28 March 2008 Light Sweet Crude was trading at 105.62 down 1.96 on the New York Mercantile Exchange. Brent Crude was trading at $103.77 down $1.23 on London’s ICE Futures Market.
ANALYSIS:
The up and down world of crude prices won’t go down consistently until the bubble bursts. People are beginning to lose their jobs but it won’t be until there are genuine losses and a sharp decrease in demand that investors will get the message. Crude prices eased on a declining market this Friday. Also, it is possible that after crunching the numbers, OPEC will achieve a slight increase in production.
Financial pressure on people who need fuel and depend on hydrocarbons products in their work will be excessive for the time being and may ease if there is more regulation of the financial industry as this will touch on hydrocarbons futures and help to bring the price down.
RELATED STORIES:
The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation's financial services industry. According to a 22-page executive summary obtained by The Associated Press, the plan would give the Federal Reserve broad authority to oversee financial market stability including the power to examine the books of any institution deemed to represent a potential threat
http://www.kxmb.com/News/223747.asp
Crude oil supply from the Organisation of Petroleum Exporting Countries (Opec) has probably increased by 100,000 barrels a day, or 0.3 per cent, in March, according to preliminary estimates from PetroLogistics Ltd.
http://www.gulfnews.com/business/Oil_and_Gas/10201443.html
Stocks turned in their second straight loss today, dragged lower by tech issues following a disappointing revenue growth report from Oracle. The Dow industrials finished with a loss of 120 points, the Nasdaq composite index was down more than 43 points and the S&P 500 dropped 15 points.
http://www.kxmc.com/News/223181.asp
US crude oil futures ended higher for the third consecutive day on Thursday, fueled by a rally in heating oil futures and as traders remained edgy over a major oil pipeline explosion in Iraq. On the New York Mercantile Exchange, crude for May delivery settled up $US1.68, or 1.59 per cent, at $US107.58 a barrel.
http://news.smh.com.au/us-crude-oil-futures-up-again/20080328-221j.html
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 28 March 2008.
TLW: 648.00 down 12.50, DES: 77.50 up 3.00, FOGL: 124.50 up 4.50 RKH: 79.50 up 1.00, BOR: 65.50 unchanged PRE: 12.50 unchanged, GBP: 7.50 unchanged GPK: 388.50 down 0.50, BLT 1476.00 up 3.00 RDSA: 1708.00 up 3.00 RDSB: 1659.00 down 4.00
New York Stock Exchange:
XOM: 85.22 down 0.98 (USD)
THE MARKETS (28/03/08)
FTSE100: 5,692.90 down 24.57, FTSE250: 9,961.30 down 20.69 SmallCap: 3,032.10 down 0.39
DJI: 12,216.40 down 86.06 NASDAQ: 2,261.18 down 19.65 S&P500: 1,315.22 down 10.44
INTERNATIONAL DEVELOPMENTS:
(United States)
Enbridge Energy, Limited Partnership ("EELP") has applied to the Department of State for a Presidential Permit, pursuant to Executive Order 13337 of April 30, 2004, to construct, connect, operate, and maintain a 36-inch diameter crude oil and liquid hydrocarbon pipeline at the U.S.-Canadian border near Neche, Pembina County, North Dakota, for the purpose of transporting liquid hydrocarbons and other petroleum products between the United States and Canada. EELP seeks this authorization in connection with its Alberta Clipper Pipeline Project ("Alberta Clipper Project"), which is designed to transport Canadian crude oil from the Western Canadian Sedimentary Basin ("WCSB") to existing refinery markets in the Midwest region of the United States.
http://www.tradingmarkets.com/.site/news/Stock%20News/1273159/
(CUBA)
Imagine oil rigs drilling in deep waters just 45 miles off the coast of South Florida. Refineries process the oil in Cuba and sell it across the Caribbean and beyond. Canadian and Mexican companies supply billions of dollars in equipment and services. This could happen, as Havana invites foreign companies to explore its probable oil and natural gas reserves while Washington's embargo against the communist-led island keeps U.S. companies locked out.
http://www.timesargus.com/apps/pbcs.dll/article?AID=/20080330/BUSINESS/803300320/1006/BUSINESS
(Canada)
Austin Developments (TSX VENTURE:AUL) ("Austin") and its Joint Venture Partners are pleased to announce that drilling, logging, and evaluation of the Morgan Highpoint # 3 "Discovery" Well has been completed.
http://www.marketwire.com/mw/release.do?id=837065
(Russia)
The government will double state spending on resource exploration to 2020 to $23 billion with the focus on oil in eastern Siberia to ensure good replenishment of reserves and efficiency of key projects, Natural Resources Minister Yury Trutnev said Thursday.
http://www.themoscowtimes.com/stories/2008/03/28/045.html
The Bolivian government announced Thursday it would give a time limit up to April 30, to recuperate four oil enterprises by means of purchasing stocks valued in 200 million dollars, local press media said here Thursday.
http://www.plenglish.com/article.asp?ID=%7BA62426AA-8E7B-4FE9-BE38-C5621BE491ED%7D)&language=EN
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia's government said on Thursday it set an April 30 deadline to take control of four energy companies as part of a nationalization drive begun in 2006, buying company shares worth at least $200 million.
http://www.reuters.com/article/marketsNews/idUSN2735135320080327
President Evo Morales has set a April 30 deadline for Bolivian subsidiaries of British Petroleum, Repsol YPF, and Ashmore Energy International to return to state control.
The three companies each own former parts of Bolivian state energy company YPFB that were privatized during the 1990s. Morales' 2006 nationalization of Bolivia's oil and gas sector requires those subsidiaries be sold back to the state.
http://www.forbes.com/feeds/ap/2008/03/27/ap4823463.html
(Brazil)
Lula told a meeting of Brazilian and Mexican businessmen in Brazil's northeastern city of Recife that he had pitched the idea to Mexican President Felipe Calderon, but provided no clues about his reaction.
http://www.reuters.com/article/innovationNews/idUSN2735949520080327
The BM-S-8 offshore basin is south of the Tupi field, which may hold 8 billion barrels of oil, the Brazilian newspaper said. A Petrobras spokesman who declined to be identified declined to comment on the story, Estado reported.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aiLH0d1qHJfE&refer=latin_america
(Brazil and Venezuela)
President Hugo Chávez Thursday announced form Brazil that a partnership agreement between Petróleos de Venezuela (Pdvsa) and Petrobras was signed.
http://english.eluniversal.com/2008/03/27/en_eco_art_chavez,-lula-initial_27A1465321.shtml
Recife, Brazil: Venezuela's government is prepared to provide billions of dollars to help build a Brazilian refinery that will process Venezuelan crude when it starts operating in 2010, President Hugo Chavez said.
But after he met with Brazilian President Luiz Inacio Lula da Silva on Wednesday, plans by the two nations for expanded energy co-operation - with the refinery as an example - seemed nebulous at best.
http://www.gulfnews.com/business/Oil_and_Gas/10200850.html
(Colombia)
Officials with Colombia's National Hydrocarbons Agency are in Houston this week to drum up interest in more than 4,800 square miles of land the agency hopes to lease for oil and natural gas exploration this fall. It's the first stop on a tour — Calgary, Alberta and London are next — during which Colombian geologists will share data with prospective bidders in the hopes of bolstering the nation's energy revenue.
http://www.chron.com/disp/story.mpl/business/energy/5651792.html
(Ecuador)
Chevron Corp. said Wednesday it expects to defeat Ecuador in litigation over who should pay for any eventual environmental cleanup in the Amazon region.
"Chevron ultimately expects to defeat the unfounded claims at issue in this litigation, whether in the courts of Ecuador or in some other tribunal that will hold Ecuador to account for its flagrant failure to live up to its legal commitments and its disregard for the rule of law," said Kent Robertson, a Chevron spokesman.
http://www.marketwatch.com/news/story/chevron-expects-defeat-ecuador-amazon/story.aspx?guid=%7BA76CC2F7-D8B8-46C8-AB4B-2AE7A08713EF%7D
As Ecuador's largest power distribution company Empresa Eléctrica Quito (EEQ) has big plans for the future that entail everything from growing generation capacity to expanding service coverage to 98%.
BNamericas interviewed EEQ general manager Carlos Andrade to discuss the company's plans for this year, in particular, projects to increase generation capacity.
http://www.bnamericas.com/perspectives_qa.jsp?sector=10&idioma=I&documento=470534
(Venezuela)
OPEC nation Venezuela is not interested in a further rise of oil prices although a credit crisis in the United States is making stability difficult, Venezuelan President Hugo Chavez said on Thursday.
http://uk.reuters.com/article/oilRpt/idUKN2734268220080327
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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