Falklands : Hydrocarbons Daily Record Tuesday, 20 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 21.05.2008 (Article Archived on 04.06.2008)
Today’s record crude prices reflect concerns about supply and the chalk and cheese affect of OPEC saying there is enough crude around to meet demand and people selling oil futures saying there isn’t enough crude around to meet the appetite of a thirsty market.
HYDROCARBONS DAILY RECORD TUESDAY, 20 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 20 May 2008 Light Sweet Crude was trading at $129.07 up $2.02 on the New York Mercantile Exchange. Brent Crude was trading at $127.84 up $2.78 on London’s ICE Futures Market.
ANALYSIS:
Today’s record crude prices reflect concerns about supply and the chalk and cheese affect of OPEC saying there is enough crude around to meet demand and people selling oil futures saying there isn’t enough crude around to meet the appetite of a thirsty market.
HDR hasn’t noticed news about service stations running out of gasoline but we have read about service stations closing because they can’t seem to make any money from gasoline supplied at excessively high prices.
It’s high time that people who buy gasoline futures refuse to pay high prices for them. Cut and run would be my best advice because, like it or not, the abscess is ripe and any little short sharp shock could relieve it.
RELATED ARTICLE:
Crude oil rose above $129 a barrel in New York for the first time after billionaire hedge-fund manager Boone Pickens said oil will reach $150 a barrel this year because supply isn't keeping up with demand.
http://www.bloomberg.com/apps/news?pid=20601086&sid=ax1mtR7O7NQo&refer=latin_america
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 20 May 2008.
TLW: 933.50 down 41.50, DES: 93.00 up 2.50, FOGL: 164.50 up 2.000 RKH: 101.50 up 0.50, BOR: 101.50 up 6.25 PRE: 14.00 up 0.25, GBP: 9.38 up 0.75, GPK: 429.00 unchanged, BLT 2023.00 down 173.00, RDSA: 2141.00 down 43.00 RDSB: 2112.00 down 42.00
New York Stock Exchange:
XOM: 94.56 up 0.20 (USD)
THE MARKETS (20/05/08)
FTSE100: 6,191.60 down 184.89, FTSE250: 10, 250.30 down 306.97 SmallCap: 3,210.10 down 22.72
DJI: 13,028.16 up 41.36 NASDAQ: 2,492.46 down 23.83 S&P500: 1,413.40 down 13.23
INTERNATIONAL DEVELOPMENTS:
(Belarus)
Belarusian-Venezuelan joint venture Petrolera BeloVenesolana plans to extract around 900,000 tonnes of oil in 2008, Belneftekhim’s Deputy Chairman Mikhail Osipenko told media on May 20.
http://law.by/work/EnglPortal.nsf/0/1BA7F934E1E2A2ABC225744F004685BF?OpenDocument
(North Sea)
BG Norge AS has found oil and gas with exploration well 15/12-19 on Production License 292 (PL 292) in the Norwegian North Sea. BG said the well, combined with the nearby 6/3-1 discovery, could hold as much as 3-5 million cu m of oil equivalent.
http://www.ogj.com/display_article/329297/120/ARTCL/none/ExplD/1/BG-Norge-finds-oil,-gas-in-Norwegian-North-Sea/
(Europe)
SOARING oil prices would give an independent Scotland a £4.4 billion budget surplus, making it one of Europe's richest countries, according to a new study.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article3954031.ece
REGIONAL DEVELOPMENTS:
(Bolivia and Paraguay)
Paraguay President Elect Fernando Lugo showed his interest to buy Bolivia natural gas directly, reported the spokesman at Quemado's Palace Ivan Canelas.
http://www.plenglish.com/article.asp?ID=%7B76BC8ECF-FE0D-445C-AC16-0A64D43AAD74%7D)&language=EN
(Bolivia)
Bolivian President Evo Morales is threatening to nationalise gas fields in the country should the foreign companies operating them not increase their investments.
http://www.forbes.com/markets/feeds/afx/2008/05/19/afx5023423.html
(Brazil)
Brazil's state-controlled oil company, and a unit of Galp Energia SGPS SA, Portugal's biggest oil company, found oil with an onshore well in the north of Brazil's Espirito Santo basin.
http://www.bloomberg.com/apps/news?pid=20601086&sid=a.sv6psfPXNc&refer=news
(Ecuador)
Ecuador's state oil company president says he has resigned for failing to halt a steady decline in production.
http://www.pr-inside.com/ecuador-s-state-oil-company-president-resigns-r599487.htm
(Venezuela)
State-run oil holding Petróleos de Venezuela (Pdvsa) is taking steps to execute an agreement to access a loan for USD 3.5 billion from Japanese Sumitomo and Itachu Corporation.
http://english.eluniversal.com/2008/05/20/en_eco_art_pdvsa-seeks-usd-3.5-_20A1591641.shtml
LOCAL DEVELOPMENTS:
Analyst Finlay Thomson of Panmure Gordon initiates coverage of Borders & Southern Petroleum (B5T) with a "buy" rating. The 12-month target price is set to 151p.
http://www.newratings.com/en/main/company_headline.m?id=1748987
It includes African Minerals, Falklands Oil & Gas, Oriel Resources and similar stocks. Asset value per share crept up 0.45p in 2007, before falling after ...
http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=441909&in_page_id=3
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
DISCLAIMER:
The sources for related articles come from a variety of websites so that readers can get as wide a selection of views as possible. HDR does not necessarily align itself with any of the views expressed
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