Falklands : Hydrocarbons Daily Record Monday, 21 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 22.04.2008 (Article Archived on 06.05.2008)
It seems as though people simply want a safe place to put their money ahead of several profit warnings from banks and the sub prime crisis. Oil futures seem to be a very safe bet right now.
HYDROCARBONS DAILY RECORD MONDAY, 21 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Monday, 21 April 2008 Light Sweet Crude was trading at $117.48 up 79 Cents on the New York Mercantile Exchange. Brent Crude was trading at $113.92 up $1.49 on London’s ICE Futures Market.
ANALYSIS:
It seems as though people simply want a safe place to put their money ahead of several profit warnings from banks and the sub prime crisis. Oil futures seem to be a very safe bet right now. One need not blame OPEC for this as the demand for crude is going down this drive season with fewer people able to afford the hydrocarbons products they did last year at this time.
OPEC remains firm that there is enough crude around to meet demand and even if they increased production prices would remain high as other factors are responsible for crude price increases.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 21 April 2008.
TLW: 721.00 up 11.00, DES: 89.00 down 2.20, FOGL: 143.00 down 7.00, RKH: 97.00 down 6.00, BOR: 69.50 down 4.25, PRE: 12.25 unchanged, GBP: 8.13 up 1.00 GPK: 390.00 down 1.00, BLT 1845.00 up 54.00 RDSA: 1937.00 up 38 RDSB: 1905.00 up 24.00
New York Stock Exchange:
XOM: 94.00 up 0.62 (USD)
THE MARKETS (21/04/08)
FTSE100: 6,053.00 down 3.55, FTSE250: 10,137.80 down 103.30, SmallCap: 3,119.00 up 9.44
DJI: 12,825.02 down 24.34 NASDAQ: 2,408.04 up 5.07 S&P500: 1,388.17 down 2.10
INTERNATIONAL DEVELOPMENTS:
(Egypt)
Aminex PLC, the oil and gas company listed in London and Dublin, announces the result of the Malak-1 exploration well in Egypt.
http://www.oilvoice.com/n/Aminex_Reports_Malak1_Well_Result_Egypt/b89df8a6.aspx
(Iraq)
The Iraqi government is in talks with the region Kurdish government over contracts the region signed with foreign companies and of which Baghdad denies the validity.
http://www.forbes.com/markets/feeds/afx/2008/04/21/afx4911596.html
(Qatar)
Qatar signed on Sunday a hydrocarbons memorandum of understanding with Italy's Eni (ENI.MI: Quote, Profile, Research), Qatari Oil Minister Abdullah al-Attiyah said.
http://uk.reuters.com/article/oilRpt/idUKFCA00005720080420
(Uganda)
http://www.forbes.com/feeds/ap/2008/04/21/ap4914518.html
UGANDA’S oil commissioners have won the Global Pacific and Partners Big 5 Award for their contribution to the African oil industry.
http://www.newvision.co.ug/D/8/220/623544
(US Gulf Coast)
Capline Pipeline and Chicap Pipeline announced today that they will expand the range of transport capabilities on both systems to include light liquid hydrocarbons.
http://www.earthtimes.org/articles/show/capline-and-chicap-pipelines-to,360231.shtml
REGIONAL DEVELOPMENTS:
(Argentina and Ecuador)
Ecuadorian President Rafael Correa met here with his Argentinean counterpart Cristina Fernandez to sign a joint agreement to build a hydroelectrical plant.
http://www.plenglish.com/article.asp?ID=%7B04F39444-1275-4EE3-B235-8FB71A0870B2%7D)&language=EN
(Argentina, Brazil and Colombia)
Brazil, Colombia, Argentina, and Peru also produce oil and gas, most of which currently goes toward meeting domestic demand. Of these countries, only Brazil has the potential to become a significant global oil producer in the next decade. It has 11.8 billion barrels of proven oil reserves and produced some 2.2 million barrels per day in 2006.
http://www.cfr.org/publication/16037/energy_bottlenecks_in_south_america.html?breadcrumb=%2F
(Mexico)
Mexico's state-run oil company said Monday that oil production fell 7.8 percent to 2.91 million barrels a day in the first quarter as current reserves dwindle. Petroleos Mexicanos, or Pemex, has struggled with falling reserves, especially at its main Cantarell oil field, and lacks the money and expertise to launch new drilling projects. Pemex only has enough proven oil reserves to last nine years at current production rates.
(Venezuela)
Venezuela will discuss the discrepancy between its official oil production figures and much lower estimates used by the Organization of Petroleum Exporting Countries during a visit by the OPEC secretary general in May.
http://money.cnn.com/news/newsfeeds/articles/djf500/200804210616DOWJONESDJONLINE000171_FORTUNE5.htm
LOCAL DEVELOPMENTS:
(Desire Petroleum)
Application has been made for the admission to trading on AIM of 478,239 new ordinary shares in Desire following the exercise of an equivalent number of options. Admission is expected to occur on 24 April 2008.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1817384&source=RNS
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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