Falklands : Hydrocarbons Daily Record Tuesday, 08 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 09.04.2008 (Article Archived on 23.04.2008)
Following the trend of profit taking then using fear to jack the price up, crude prices fell marginally today.
HYDROCARBONS DAILY RECORD TUESDAY, 08 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Tuesday, 08 April 2008 Light Sweet Crude was trading at $108.50 down 59 Cents on the New York Mercantile Exchange. Brent Crude was trading at $106.34 down 80 Cents on London’s ICE Futures Market.
ANALYSIS:
Following the trend of profit taking then using fear to jack the price up, crude prices fell marginally today. Using analysis on the US Department of Energy Administration inventory report for the week ending 04 April 2008, confidence was brought back to the market with this analysis but when the actual figures are released, prices could go up again.
This does little to help growing numbers of people who are using whatever method they can to save in energy costs and cannot afford alternative methods of energy generation or transport.
Crude prices are extortionately high and people won’t see relief until they come down to match their earnings, which are dwindling due to the downturn in the US economy.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 08 April 2008.
TLW: 655.90 down 14.50, DES: 74.00 down 0.25 , FOGL: 117.50 down 1.00, RKH: 83.00 down 1.00, BOR: 64.50 up 3.25, PRE: 11.50 unchanged, GBP: 6.88 unchanged GPK: 383.00 down 2.00, BLT 1762.00 up 77.00 RDSA: 1837.00 up 14.00 RDSB: 1807.00 up 12.00
New York Stock Exchange:
XOM: 89.61 up 0.69 (USD)
THE MARKETS (08/04/08)
FTSE100: 5,990.20 down 24.56, FTSE250: 10,108.70 down 135.84 SmallCap: 3,095.80 down 0.55
DJI: 12,577.01 down 35.42 NASDAQ: 2,348.76 down 16.07 S&P500: 1,365.53 down 7.01
INTERNATIONAL DEVELOPMENTS:
(Research and Development)
Researchers have made a breakthrough in the development of "green gasoline," a liquid identical to standard gasoline yet created from sustainable biomass sources like switchgrass and poplar trees.
http://www.nsf.gov/news/news_summ.jsp?cntn_id=111392&govDel=USNSF_51
(Brazil, Norway and the United States)
StatoilHydro Tuesday said it will develop a new compact deep-water separation plant together with Chevron and Petrobras. The company said the Tordis separation plant has a state of the art technology solution for seabed separation and will be assembled in an entirely new way. The new separation equipment will also be far lighter and smaller than the existing solutions, it said.
http://money.cnn.com/news/newsfeeds/articles/djf500/200804080502DOWJONESDJONLINE000139_FORTUNE5.htm
(Russia)
Day 72: Fedor Konyukhov, the Russian adventurer trailblazing an inaugural sailing record around the Antarctica Cup Racetrack, chalked up another milestone today. After passing through Gate 14 within the circular 3-lane racetrack around Antarctica, the 56 year old became the first solo yachtsman to sail non-stop from Cape Horn (GATE 8, 67E) across the South Atlantic Ocean to the junction of the South Atlantic and the Indian Ocean (GATE 14 20E) keeping below latitude 45° South. http://www.bymnews.com/news/newsDetails.php?id=24796
(Norway)
The Norwegian branch of the company, the TOTAL E&P NORGE AS, has over forty years of experience within exploration and production of oil and gas on the Norwegian Continental Shelf. It is part of the worldwide French industrial group, which operates in more than 130 countries and has 95,000 employees.
http://www.barentsobserver.com/barentsobserver-welcomes-total.4473430-16149.html (United States)
Marathon Oil Corporation (NYSE: MRO) today is providing information on market factors and operating conditions that occurred during the first quarter of 2008 that could impact the Company's quarterly financial results. The market indicators and Company estimates noted below and in the attached schedule may differ significantly from actual results. The Company will report first quarter results on May 1, 2008, and will conduct a conference call and webcast that same day. Details of the earnings conference call and webcast are noted at the end of this release.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-08-2008/0004788565&EDATE=
(Azerbaijan)
BP Azerbaijan reports that drilling of the second exploration well (INX-2) started on November 11 on Inam exploration area is conducted according to the schedule.
http://abc.az/eng/news_07_04_2008_22865.html
(Africa and China)
China National Petroleum Corp. will export more than 30 oil rigs this year, mainly to Russia and Africa, a senior executive said. The focus this year will not be on Venezuela, said Li Xinhua, vice president, on the sidelines of an industry forum.
http://www.oilandgaseurasia.com/news/p/0/news/2109
REGIONAL DEVELOPMENTS:
(Argentina)
BUENOS AIRES, Argentina, Apr 3, 2008, 2008 (IPS/GIN via COMTEX) -- -- Argentina has made a robust economic recovery in the past five years, and it is now in the position to progress toward an economic model that adds value to raw materials before exporting them, according to a new study.
http://www.tradingmarkets.com/.site/news/Stock%20News/1320742/
(Bolivia)
The President Evo Morales expressed his good wishes to the meeting between The Church and the prefects since he expects this meeting will bring the possibility to go on with the dialogue in order to have solutions to the current crisis in Bolivia.
http://www.redbolivia.com/noticias/News%20in%20English/Bolivia/62801.html
(Ecuador)
Chevron's statement and background on the latest developments in the Ecuador environmental damage suit.
http://www.latinbusinesschronicle.com/app/article.aspx?id=2268
(Venezuela)
The new windfall tax has had its first reading in the National Assembly. Its name is “Tax on Extraordinary Profits of Venezuelan Oil Companies” (Impuesto a las Ganancias Extraordinarias Petroleras Venezolanas). This is a misnomer since the tax is not on extraordinary profits but on extraordinary sales income. Profits imply revenues less costs, but this tax only looks at income from export sales.
http://www.petroleumworld.com/Ed08040801.htm
April 7 (Bloomberg) -- PetroFalcon Corp., a Canadian energy company operating in Venezuela, agreed to buy Anadarko Petroleum Corp.'s unit in the Latin American country for $200 million to increase oil output eightfold and add reserves.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aq.63HW0Bk9Y&refer=canada
LOCAL DEVELOPMENTS: (Rockhopper Exploration) A form TR-1 containing the following information has been received by the Company. TR-1 notification of major interests in shares
http://www.londonstockexchange.com/en-gb/pricesnews/prices/system/detailedprices.htm?ti=RKH
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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