Falklands : Hydrocarbons Daily Record Wednesday, 09 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 10.04.2008 (Article Archived on 01.05.2008)
True to form the US Department of Energy Administration Inventory Report for the week ending 04 April 2008 has been used to increase crude prices today. In the recent past, an increase in inventories has been used to increase crude prices.
HYDROCARBONS DAILY RECORD WEDNESDAY, 09 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Wednesday, 09 April 2008 Light Sweet Crude was trading at $110.87 up$2.37 on the New York Mercantile Exchange. Brent Crude was trading at $108.47 up $2.13 on London’s ICE Futures Market.
ANALYSIS:
True to form the US Department of Energy Administration Inventory Report for the week ending 04 April 2008 has been used to increase crude prices today. In the recent past, an increase in inventories has been used to increase crude prices. I guess it depends on who you listen to and what makes investors afraid of this and nervous about that. Someone is making money from this but it isn’t the man in the street that is seeing his income wasted away by higher prices. If anything the man in the street will be jobless when this is all over.
(US Department of Energy Inventory Report for Week Ending 04 April 2008)
Stocks in Thousand Barrels, All Other Volumes in Thousand Barrels per Day)
http://tonto.eia.doe.gov/dnav/pet/pet_sum_sndw_dcus_nus_w.htm
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 09 April 2008.
TLW: 665.00 up 9.50, DES: 73.50 down 0.50 , FOGL: 118.50 up 1.00, RKH: 84.25 up 1.25, BOR: 59.50 down 5.00, PRE: 11.75 up 0.25, GBP: 6.88 unchanged GPK: 382.00 down 1.00, BLT 1804.00 up 42.00 RDSA: 1854.00 up 17.00 RDSB: 1828.00 up 21.00
New York Stock Exchange:
XOM: 89.70 up 0.09 (USD)
THE MARKETS (09/04/08)
FTSE100: 5,983.90 down 6.31, FTSE250: 10,071.80 down 36.89 SmallCap: 3,094.60 down 1.24
DJI: 12,527.67 down 48.77 NASDAQ: 2,322.12 down 26.64 S&P500: 1,354.53 down 11.02
INTERNATIONAL DEVELOPMENTS:
(Algeria and the United States)
US-Algeria Business Council Mr. Don Deline said US businessmen have showed their enthusiasm in terms of taking part in state projects following their meeting with Prime Minister, Mr. Abdelaziz Belkhadem and some ministers. US businessmen collected encouraging data about investment climate in Algeria, mostly as the State is on the point to launch 140 b USD state owned investments. The Chairman of the US-Algeria Business Council and vice president of US Group Halliburton for government affairs, Mr. Don Deline, told a press conference held Tuesday in the International Business Centre in Algiers that the interest of US businessmen to come and invest in Algeria will be displayed through the comeback of 50 US companies intended participating in the International Faire of Algiers.
http://www.elkhabar.com/quotidienFrEn/?ida=105007&idc=112
(India and Kazakhstan)
India and Kazakhstan have pledged to boost their cooperation in the hydrocarbons sector, food production, IT and education. The hydrocarbons deal expected to enhance New Delhi's efforts to achieve energy security.
http://www.bombaynews.net/story/346345
REGIOAL DEVELOPMENTS:
(Argentina)
BUENOS AIRES, April 8 (Reuters) - Argentine stocks inched higher on Tuesday as investors showed interest in the leading local shares, boosting overall trade volume, traders said. The benchmark MerVal stock index rose 0.58 percent to 2158.73 points.
http://www.reuters.com/article/bondsNews/idUSN0840115020080408
(Brazil)
Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, still hasn't approved investments for an upgrading of a recently-acquired refinery in Okinawa, Japan, the company said in a late Tuesday release. Petrobras Chief Executive Sergio Gabrielli Monday in Tokyo said his company plans to invest about Y100 billion ($976 million) to revamp the refinery to possibly enable it to process Brazilian heavy crude.
http://money.cnn.com/news/newsfeeds/articles/djf500/200804090853DOWJONESDJONLINE000631_FORTUNE5.htm
(Colombia)
Colombia's energy company Ecopetrol ECO.CN said on Tuesday it had closed its purchase of petrochemical products manufacturer Propilco for $690 million to take advantage of the market for crude products.
http://www.petroleumworld.com/story08040914.htm
TORONTO, Apr 8, 2008 (Canada NewsWire via COMTEX) -- Pacific Rubiales Energy Corp. (TSX: PEG) provided today an update on its drilling program: La Creciente: The company spudded the La Creciente E-1 well (LCE-1) on April 6, 2008 with rig Saxon 133. The final depth of LCE-1 will be 12,027 feet, drilled vertically, and the company is forecasting 50 days to reach final depth. The well is located in the south-western portion of the La Creciente Block, targeting the Ciénaga de Oro reservoir at Prospect "E", which is the third structure to be drilled within the block. The company has already been successful in its exploration of Prospects "A" and "D". An oil-based mud will be used at LCE-1 in an attempt to reduce
http://www.foxbusiness.com/markets/industries/energy/article/pacific-rubiales-provides-drilling-update_554002_11.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
Ecuador's state oil company, Petroecuador, said on Thursday it is seeking to end a contract with Petrobras (PETR4.SA: Quote, Profile, Research) in a dispute over the Brazilian company's main oil block in the country.
http://www.reuters.com/article/rbssEnergyNews/idUSN0340825320080403
Quito, Ecuador — On a clear day, high in this Andean capital city, the nearby volcanoes glisten in the distance under the equatorial sun. Of the five visible volcanoes, the most startling is Cotopaxi — both for its proximity and for its remarkably receding glacier. Cotopaxi has lost 30 percent of its glacier over the last several years and people are taking notice.
http://upsidedownworld.org/main/content/view/1211/1/
(Venezuela)
Venezuela plans to boost its oil and gas production, refining and reserves and ship more oil to China, an executive at state-run Petroleos de Venezuela SA said.
Venezuela will pump 3.5 million barrels a day of oil this year and 6.8 million barrels a day in 2021, Luis Vierma, PDVSA's vice president of exploration and production, said at the World National Oil Companies conference in London today.
http://www.bloomberg.com/apps/news?pid=20601086&sid=amS6MtqYqnOU&refer=news
Canadian oil and gas company PetroFalcon (TSX: PFC) has signed a binding sale and purchase agreement to acquire 100% of the issued and outstanding shares of Anadarko Venezuela from Texas-based Anadarko Petroleum (NYSE: APC), PetroFalcon said in a statement.
http://www.bnamericas.com/story.jsp?idioma=I§or=9¬icia=429963
OVL and PDVSA signed a joint venture (JV) agreement for the San Cristobal Field in Junin, Orinoco Region of Venezuela late last night in Caracas, Venezuela. This JV agreement was concluded in the presence of Petroleum and Natural Gas Minister Murli Deora and his Venezuelan counterpart Rafael Ramirez Carreno. Deora described the event as a historic milestone in the growing cooperation between India and Venezuela in the hydrocarbon sector.
http://www.thaindian.com/newsportal/india-news/india-venezuela-sign-a-landmark-oil-sector-cooperation-agreement_10036022.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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