Falklands : Hydrocarbons Daily Record Sunday, 27 April 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.04.2008 (Article Archived on 12.05.2008)
Sharp increases in crude prices on Friday were due to attacks on Nigerian pipelines, tensions in Iran, and a strike at a British refinery.
HYDROCARBONS DAILY RECORD SUNDAY, 27 APRIL 2008
By J. Brock (FINN)
At 1900hrs LMT on Friday, 25 April 2008 Light Sweet Crude was trading at $118.52 up 56 Cents on the New York Mercantile Exchange. Brent Crude was trading at $116.34 up $2.00 on London’s ICE Futures Market.
ANALYSIS:
Sharp increases in crude prices on Friday were due to attacks on Nigerian pipelines, tensions in Iran, and a strike at a British refinery. Similar combinations of factors helped to increase prices last year when crude was around $65.00 per barrel. Hurricane season and summer drive season also are on the horizon. Like last year, OPEC has said there is sufficient supply to meet demand thus will not increase production.
However, it is predicted that this year there will be a significant drop in demand when people cannot afford hydrocarbons products and begin to cut back even some essential journeys. Whether or not this will help to lower crude prices is anybody’s guess.
(Related Article)
Workers at the Ineos Grangemouth oil refinery in Scotland officially begin their 48-hour strike which threatens to disrupt fuel supplies.
http://www.channel4.com/news/articles/business_money/refinery+strike+fuel+supply+threat/2090147
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 25 April 2008.
TLW: 757.00 up 12.00, DES: 92.50 down 0.25, FOGL: 129.50 down 5.50, RKH: 103.50 up 0.75, BOR: 83.25 up 1.25, PRE: 11.75 down 0.50, GBP: 8.25 down 0.25 GPK: 389.50 down 1.50, BLT 1845000 up 1.00 RDSA: 1945.00 up 7.00 RDSB: 1926.00 up 4.00
New York Stock Exchange:
XOM: 92.46 down 0.14 (USD)
THE MARKETS (25/04/08)
FTSE100: 6,091.40 up 40.71, FTSE250: 10,019.00 up 44.61, SmallCap: 3,133.50 up 34.45
DJI: 12,891.86 up 42.91 NASDAQ: 2,422.93 down 5.99 S&P500: 1,397.84 up 9.02
INTERNATIONAL DEVELOPMENTS:
(Saudi Arabia)
Saudi Basic Industries Corp, the world’s largest petrochemical firm by market value, may invest $5bn in war-torn Iraq as competition for energy at home forces it to search for cheap gas in riskier Mideast locations.
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=215072&version=1&template_id=48&parent_id=28
(Dominican Republic)
For a country with no current oil production, hopes are high for potential exploration and production success in the Dominican Republic.
http://www.dominicantoday.com/dr/economy/2008/4/26/27785/Dominican-Republic-gears-up-for-oil-explotation-and-production
(United States)
To escape from the heat, fleet managers who turned out to learn about propane-powered vehicles Friday ducked into the school bus and shuttle bus they came to learn about.
http://www.venturacountystar.com/news/2008/apr/26/cleaner-and-cheaper/
REGIONAL DEVELOPMENTS:
(Brazil)
While ExxonMobil, Conoco Phillips, Chevron and other oil super-mergers dominate the headlines, there's another oil company - whose reserves are even bigger than many of these oil superstars, and whose prospects for growth far outshine them - yet most investors aren't familiar with its name. But this energy company harbours a number of unique advantages over practically every other energy company in the world today.
http://www.bi-me.com/main.php?id=19577&t=1&c=33&cg=4
Petrobras plans to increase petrol exports to compensate the lower consumption on the domestic market, due to the greater consumption of fuel alcohol – which overtook petrol in February, a fact that had not taken place since the end of the 1980s, at the height of the Pro-Alcohol, an ancient Brazilian government program that favoured the production of alcohol.
http://www.anba.com.br/ingles/noticia.php?id=18158
Petroleo Brasileiro SA, Brazil's state-controlled oil company, discovered oil at onshore and offshore wells, Brazil's national petroleum regulator said Friday on its website.
http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=566ae2cd-f3dc-4564-9798-7a457182a30d
(Ecuador)
Chevron now claims it is the "victim" of a "shakedown" by "con-men" posing as environmental advocates. Immediately after the Goldman Environmental Prize ceremony here last week, Chevron launched a public relations campaign against this year's Latin American prize winners, Pablo Fajardo and Luis Yanza.
http://www.huffingtonpost.com/carl-pope/pity-the-poor-oil-company_b_98695.html
(Venezuela)
Venezuela has estimated a value of about $800 million for Argentine steelmaker Ternium's stake in Venezuelan steel producer Sidor, which leftist President Hugo Chavez is nationalizing.
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSN2642760420080427
LOCAL DEVELOPMENTS:
As reported in HDR last week, Dr Colin Phipps of Desire Petroleum will release the annual report on Monday. HDR will bring readers the report in Monday’s article.
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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