Falklands : Hydrocarbons Daily Record Thursday, 03 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 04.07.2008 (Article Archived on 18.07.2008)
Crude prices have increased over the past two days due to the US Department of Energy Administration Inventory Report for the week ending 27 June 2008.
HYDROCARBONS DAILY RECORD THURSDAY, 03 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 03 July 2008 Light Sweet Crude was trading at $145.29 up $1.72 on the New York Mercantile Exchange. Brent Crude was trading at $146.10 up $1.84 on London’s ICE Futures Market.
ANALYSIS:
Crude prices have increased over the past two days due to the US Department of Energy Administration Inventory Report for the week ending 27 June 2008. Traders zeroed in on the fact that crude supplies were down but failed to see that as far as gasoline for the 4th July holiday season were actually up 6.5 million barrels from what they were last year at this time when crude was approximately $70.00 per barrel.
Other factors increasing the price of crude today were the Euro gaining against the US Dollar, Airline shares declining, summer maintenance and anything else fear mongers wanted to throw in.
Looking at the crude supply, one can not blame the US Government for not buying in large stocks of crude at extortionately inflated prices. It is more financially practical for crude supplies to be bought at lower prices. This has caused a tight market and one can understand why the tightness of the market has helped to drive up crude prices.
RELATED ARTICLES:
(Crude Prices)
Crude prices surged Thursday to a new trading record near $146 a barrel as the summer maintenance season for the North Sea oil fields begins to squeeze European supplies.
http://money.cnn.com/2008/07/03/markets/oil/
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 03 July 2008.
TLW: 905.00 down 13.50, DES: 68.50 down 11.75, FOGL: 124.00 down 1.50 RKH: 76.00 down 12.75, BOR: 78.00 down 6.00 PRE: 12.25 up 0.25, GBP: 7.88 down 0.13, GPK: 387.50 down 3.50, BLT 1920.00 up 45.00, RDSA: 1988.00 down 3.00 RDSB: 1953.00 down 12.00
New York Stock Exchange:
XOM: 88.27 up 0.86 (Trading in USD)
THE MARKETS (03/07/08)
FTSE100: 5,476.60 up 50.28 FTSE250: 8,656.40 down 1.79 SmallCap: 2,722.40 down 44.82
DJI: 11,288.54 up 73.03 NASDAQ: 2,245.38 down 6.08 S&P500: 1,262.90 up 1.38
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 27/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Cuba)
The revolution lives in Cuba. And it’s not just the revolution started by Fidel Castro four decades ago. It’s an energy revolution. Got that? It’s a revolution.
http://www.energytribune.com/articles.cfm?aid=935
(Russia)
As Russia becomes more aggressive regarding its natural gas supplies, Europe faces a whole new energy crisis. Pamela Ann-Smith reports
http://www.cnbceb.com/Articles/2008/July/44/power-hungry.aspx
(United Kingdom)
Oil prices have hit yet another record high, reaching more than $146 a barrel as the Prime Minister warned they could continue climbing.
http://www.itv.com/News/Articles/Searching-for-black-gold-511719551.html
REGIONAL DEVELOPMENTS:
(Latin America General)
The following stocks may have significant gains or losses in Latin American markets. Symbols are in parentheses after company names, and stock prices are from the last session.
http://www.bloomberg.com/apps/news?pid=20601086&sid=a0EFC9EfeEaw&refer=latin_america
(Argentina)
ENARSA is Argentina's national oil company; PETROPAR is Paraguay's national oil company. Latitude Industries is a manufacturer of high-quality, ...
http://english.eluniversal.com/2008/07/03/en_eco_art_pdvsas-debt-to-prov_03A1755799.shtml
(Bolivia)
Two members from a rightwing Santa Cruz youth group were arrested outside the Trompillo airport on June 19 with a rifle, telescopic sight, and 300 rounds of ammunition in a purported assassination attempt on President Evo Morales.
http://www.scoop.co.nz/stories/WO0806/S00606.htm
(Brazil)
Brazil's state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research) and U.S. company ConocoPhillips (COP.N: Quote, Profile, Research) on Thursday signed a cooperation agreement regarding sugarcane-based ethanol and petroleum.
http://uk.reuters.com/article/rbssEnergyNews/idUKN0339213220080703
(Ecuador)
Ecuadorian President Rafael Correa stated Tuesday that oil production is growing; however, he called for a greater effort to achieve the target of a little over 170,000 barrels of crude oil daily.
http://www.plenglish.com/article.asp?ID=%7BB71A6633-A581-41D5-9779-6ABF2A7D90CB%7D)&language=EN
(Peru)
The so-called Peru LNG Project will receive more than $2 billion in construction finance loans. Skadden is representing the sponsors, a consortium comprising Hunt Oil Company, Repsol YPF, SK Energy and Marubeni. This is the largest direct foreign investment in Peru, and the country's largest private-sector project.
http://www.iflr.com/default.asp?Page=9&PUBID=263&ISS=24853&SID=708592
(Venezuela)
U.S. imports of Venezuelan oil and oil products fell by 11.7 percent to a five-year low in the first four months of the year, the U.S. government said Monday, while Venezuela boosted oil shipments to its budding ally, China, instead.
http://mnweekly.ru/business/20080703/55335794.html
Venezuela's national oil company PdVSA is iconsidering acquisition of 49% stake in IndianOil Corporation's 15 mln ton refinery at Paradip, Orissa. IOC seeks partners in the Rs 30,000 crore project to add some value to the project. PdVSA could supply Venezuelan crude to the refinery.
http://www.plastemart.com/plasticnews_desc.asp?news_id=12441&P=P
General equity of the Venezuelan State oil company Pdvsa and its affiliates maintained its rising trend during the first quarter of the year going from USD 56.06 billion to USD 63.88 billion. As a result, the debt/equity ratio of the company fell from 29 percent to 25 percent, despite the fact that the consolidated debt increased slightly to USD 16.06 billion.
LOCAL DEVELOPMENTS:
(Rockhopper Exploration)
Rockhopper Exploration plc (AIM:RKH), the North Falkland Basin oil and gas exploration company, today announces its preliminary results for the year ended 31 March 2008.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1889109&source=RNS
-- Rockhopper Exploration Plc, an oil and gas explorer, fell the most in more than two years after saying its net loss widened and that it's still ``talking'' to contractors about drilling oil and gas wells near the Falkland Islands next year.
http://www.bloomberg.com/apps/news?pid=20601102&sid=adziHtraIRRM&refer=uk
Rockhopper Exploration Plc. reported a wider full-year pretax loss and said its target is to drill between two and four wells on its acreages.
http://www.hemscott.com/news/static/tfn/item.do?newsId=65116001069633
Falkland Islands-focused oil group Rockhopper is still undecided on the best way to fund development of its South Atlantic acreage. ...
http://www.cityam.com/index.php?news=16702
(Desire Petroleum)
(Two in one Day)
A Price Monitoring Extension has been activated in this security.
A Price Monitoring Extension is activated when the auction matching process would result in an auction price that is a pre-determined percentage above or below the base price.
The auction call period is extended for 5 minutes.For details of how base prices are set for each market, please refer to the Guide to Trading Service at www.londonstockexchange.com
This information is provided by RNS
The company news service from the London Stock Exchange
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1890266&source=RNS
A Second Price Monitoring Extension is activated when the auction matching process would result in an auction price that is a pre-determined percentage above or below the base price.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1890275&source=RNS
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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