Falklands : Hydrocarbons Daily Record Wednesday, 02 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 03.04.2008 (Article Archived on 17.04.2008)
Today’s price increases are a result of a drop of 4.5 million barrels of gasoline in the US Department of Energy Inventory report for the week ending 28 March 2008.
HYDROCARBONS DAILY RECORD WEDNESDAY, 02 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Wednesday, 02 April 2008 Light Sweet Crude was trading at 104.83 up $3.85 on the New York Mercantile Exchange. Brent Crude was trading at $103.75 up $3.58 on London’s ICE Futures Market.
ANALYSIS:
Today’s price increases are a result of a drop of 4.5 million barrels of gasoline in the US Department of Energy Inventory report for the week ending 28 March 2008. With the summer drive season coming up this, on the surface, seems to be a legitimate fear and, added with the increase in demand the speculation was ripe that like perceived by Chicken Little, the sky – or in this case the bottom – is falling out of the gasoline supply.
Not so say some experts who see refinery capacity as a major factor in supply and seeing that there was a sharp increase in crude supplies – 7.4 million barrels, there should be plenty of gasoline to go around.
Demand is expected to decrease this drive season on last, with fewer people feeling any pain at the pump but not going ritually to the service station to feel it. Instead they will be cutting back on their journeys and staying home for holiday periods – that is if they have a home to go to. Further to this, warmer weather will bring them relief from cold to freezing houses that they endured through the winter.
(Related Story)
The Energy Information Administration reported that while U.S. crude stockpiles rose by 7.3 million barrels last week _ far more than the 2.3 million barrels analysts anticipated _ gasoline stockpiles shrank by 4.5 million barrels, more than twice the drop expected. Stockpiles of distillate fell by 1.6 million barrels, close to expectations.
http://www.pr-inside.com/oil-gas-futures-surge-as-us-r516860.htm
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 02 April 2008.
TLW: 638.50 down 16.50, DES: 73.00 down 1.25, FOGL: 123.50 down 1.00, RKH: 86.00 up 3.00, BOR: 62.00 down 2.75, PRE: 12.00 unchanged, GBP: 7.13 down 0.38 GPK: 386.50 unchanged, BLT 1528.00 up 33.00 RDSA: 1757.00 up 3.00 RDSB: 1711.00 up 6.00
New York Stock Exchange:
XOM: 88.52 up 1.50 (USD)
THE MARKETS (02/04/08)
FTSE100: 5,915.90 up 63.32, FTSE250: 10,372.00 up 35.83 SmallCap: 3,105.60 up 18.92
DJI: 12,608.92 down 45.44 NASDAQ: 2,361.40 down 1.35 S&P500: 1,367.53 down 2.65
INTERNATIONAL DEVELOPMENTS:
(United States)
Loon Energy Inc. ("Loon" or "Company") (TSX VENTURE: LEY) announces that the Delta-1 well will be sidetracked to target a new bottom hole location designed to intersect the target reservoir zone up-dip from the initial wellbore. Portions of the drilling assembly, which became stuck while the hole was being conditioned for logging and casing, have been left in the initial wellbore and the well has been plugged back to 2,515 feet (767 metres). The sidetrack will be drilled from approximately that depth when drilling operations resume.
http://www.earthtimes.org/articles/show/loon-energy-inc-colombia-update-on-delta-1-well,337184.shtml
SOCO has announced its Preliminary Results for the year ended 31 December 2007.
OPERATIONAL
Development
• Progress towards first oil in Vietnam and Thailand
EXPLORATION
Vietnam
• Extension of exploration licence on Block 16-1 in Vietnam
• Unconfirmed significant new discovery on Block 16-1
- Drilling on TGD-1X side track well commenced in November 2007, but series of minor, unconnected operating problems have delayed final results
West Africa
• Continued expansion of the West African portfolio by adding a Block in Angola
http://www.oilvoice.com/n/SOCO_reports_Preliminary_2007_Results/c517b913.aspx
(United States)
Arctic Oil & Gas Corp. (Pink Sheets: AOAG), a petroleum exploration company, expects many more articles to appear regarding the potential for oil in the Arctic, such as the article titled, "The Arctic: Oil's Last Frontier," by Steve Hargreaves on CNNMoney.com.
http://finchannel.com/index.php?option=com_content&task=view&id=9620&Itemid=47
REGIONAL DEVELOPMENTS:
(Brazil)
Brazil's state-owned Petroleo Brasileiro SA (Petrobras) has acquired an 87.5% stake in the 100,000 b/d Nishihara refinery in Okinawa owned by Japan TonenGeneral Sekiyu KK, the Japanese subsidiary of ExxonMobil Corp. Nansei Sekiyu, in partnership with Petrobras, has Sumitomo Corp. as a shareholder that will retain its 12.5% stake in the company.
http://www.ogj.com/display_article/324642/7/ONART/none/Prong/1/Petrobras-buys-into,-will-upgrade-Nishihara-refinery/
(Colombia)
Colombia's heavy oil area could hold 20 billion barrels of recoverable resources, the Financial Times reported on its Web site Tuesday, citing the country's natural resources agency.
http://www.marketwatch.com/news/story/colombia-sitting-huge-oil-reserves/story.aspx?guid=%7B310A8C7B-8C60-4116-8335-0A0EF9324C90%7D&dist=msr_1
(Venezuela)
Venezuelan President Hugo Chavez arrived in the northern Brazilian city of Recife on 25 March to review with Brazilian President Lula the Abreu e Lima petroleum refinery, to be built under an agreement between Petrobras and PDVSA. The meeting itself resulted in little more than photo opportunities, but it did reveal a growing weakness in Chavez’s position. By the end of the summit, Chavez revealed he doesn’t have the money to pay for his end of the refinery. He agreed in principle to a regional military alliance, and signed deals that open up more trade flowing from Brazil to Venezuela.
http://www.analyst-network.com/article.php?art_id=1921
Aberdeen’s Lord Provost has discussed the re-admission of Maracaibo to the World Energy Cities Partnership with the senior managers of the Venezuelan state oil company PdVSA.
During the meeting, the Lord Provost Peter Stephen welcomed Venezuela’s return to the partnership and looked forward to hosting representatives of Maracaibo later in the year.
The Lord Provost was delighted that the group chose to visit Aberdeen, demonstrating once again that the city is regarded as a world-class centre of excellence in the offshore oil and gas sectors and in training provision.
http://www.aberdeencity.gov.uk/acci/web/site/CouncilNews/pr/pr_venezuelanmeetingprovost_310308.asp
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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