Falklands : Hydrocarbons Daily Record Tuesday, 08 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 09.07.2008 (Article Archived on 23.07.2008)
Crude prices declined again today as traders scoped up profits. Iran has allayed fears of any attack on its facilities by Israel. This has eased worries about supplies.
HYDROCARBONS DAILY RECORD TUESDAY, 08 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 08 July 2008 Light Sweet Crude was trading at $136.04 down $5.33 on the New York Mercantile Exchange. Brent Crude was trading at $136.43 down $5.44 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined again today as traders scoped up profits. Iran has allayed fears of any attack on its facilities by Israel. This has eased worries about supplies.
Also, Hurricane Bertha is expected to track north towards Bermuda and weaken in cooler waters. However, hurricane season won’t be over for a while and it is expected that traders will use any future tropical storm as leverage to hike prices.
From statements made at the G-8 Conference in Japan it is obvious that some action at Government levels is going to be taken against high crude prices. How to do this differs from country to country so we wait and see if they operate unilaterally or if different approaches are used to achieve the same goal.
We need £50.00 crude so we can get back on our feet again and work on alternative energy projects without panic being the motivation.
RELATED ARTICLES:
(Crude Prices)
Oil prices fell sharply Monday in a move some traders attributed to an ease in geopolitical tensions related to Iran's nuclear program.
http://english.farsnews.com/newstext.php?nn=8704181072
Oil prices nosedived by almost five dollars on Tuesday as falling global equities and resurgent concerns about an economic slowdown stoked fears about future energy demand, traders said.
http://afp.google.com/article/ALeqM5goZBcG4jA_kLSHyO_w7tDjlv8wAw
(G-8)
Group of Eight (G8) leaders warned Tuesday that spiralling oil prices were threatening global economic growth. Meeting on the northern island of Hokkaido, the heads of state and government of the world's most industrialized countries called for "concrete steps" to reduce the imbalance between supply and demand and agreed to hold a special energy forum to focus on energy efficiency and new technologies.
http://www.earthtimes.org/articles/show/217501,g8-says-high-oil-prices-threaten-economic-growth--summary.html
(Crude Supplies)
Oil supplies from non-OPEC countries will be far smaller this year than previously expected and unable to keep up with growing global oil demand, putting upward pressure on petroleum prices, the U.S. government's top energy forecasting agency said on Tuesday.
http://www.reuters.com/article/reutersComService_3_MOLT/idUSN0829272620080708
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 08 July 2008.
TLW: 873.00 down 47.00, DES: 50.00 down 6.25, FOGL: 100.50 down 7.00 RKH: 58.00 down 2.00, BOR: 57.50 down 8.75 PRE: 13.00 unchanged, GBP: 7.88 unchanged, GPK: 384.00 down 50.00, BLT 1657.00 down 1.08 RDSA: 1995.00 down 46.00, RDSB: 1971.00 down 45.00
New York Stock Exchange:
XOM: 85.94 down 1.01 (Trading in USD)
THE MARKETS (08/07/08)
FTSE100: 5,440.50 up 72.21 FTSE250: 8,480.10 down 142.90 SmallCap: 2,658.90 down 95.19
DJI: 11,384.31 up 152.25 NASDAQ: 2,294.44 up 51.12 S&P500: 1,273.69 up 21.38
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:
(Canada and the United States)
Houston-based Endeavour International Corp. CEO William Transier confirmed on Tuesday that it had abandoned its bid to buy out Ithaca Energy Inc.
http://network.nationalpost.com/np/blogs/tradingdesk/archive/2008/07/08/endeavour-international-walks-away-from-ithaca-bid.aspx
(India)
The consortium of Reliance Industries Ltd, BG Group of UK and Oil and Natural Gas Corp. Ltd (ONGC) have resumed oil and gas production from Panna-Mukta fields off the Mumbai coast after a month long shutdown following an explosion.
http://www.livemint.com/2008/07/08232333/Oil-flow-resumes-in-PannaMukt.html?h=B
(Philippines)
Oil explorer Premier Oil said Monte Cristo-1 well in SC43 licence in the Philippines has been plugged and abounded after no hydrocarbons were found. ...
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2205404
(Russia and Spain)
-- Repsol YPF SA, Spain's largest oil company, is holding talks with OAO Rosneft on buying a stake in an exploration block on Sakhalin Island, in Russia's Far East, as it cuts reliance on South America for supplies.
http://www.bloomberg.com/apps/news?pid=20601085&sid=aCmGWvvrbOhk&refer=europe
REGIONAL DEVELOPMENTS:
(Argentina, Bolivia and Spain)
Bloomberg has published a report today on Repsol, YPF SA (REP), Spain's largest oil producer. It said that partly in the interest of "[cutting] reliance on South America for supplies," in particular Argentina and Bolivia, the company was looking to buy part of an oil & gas exploration block in Russia's Far East. The report also discussed a strategic benefit that may enhance the company's liquefied natural gas [LNG] pursuits with this deal
http://www.zacks.com/stock/news/13570/Repsol+Prefers+Russian+Oil
(Brazil and Venezuela)
-- PBR | Quote | Chart | News | PowerRating -- July 8, 2008 (FinancialWire) Brazil's state-run oil company Petrobras (NYSE: PBR | Quote | Chart | News | PowerRating) will participate in a tender to explore and develop Venezuela's Carabobo oil field, seeking to take a 40 percent stake in the venture.
http://www.tradingmarkets.com/.site/news/Stock%20News/1740416/
(Chile)
Chile is characterized by some economists as the most “globalized” nation in Latin America. The more conservative among them present it as a model to be followed by other countries on the continent. They point to the country’s supposed stability and security and Chile’s economic growth in recent years.
http://www.wsws.org/articles/2008/jul2008/chil-j08.shtml
(Venezuela)
In spite of the fact that until last month the Venezuelan state oil holding Pdvsa was the only company to pay the new special contribution related to international oil market prices, the so-called oil windfall contribution, sources of the Venezuelan Oil Corporation (CVP), a Pdvsa subsidiary, said that all the joint ventures incorporated with private companies are currently paying the new contribution.
http://english.eluniversal.com/2008/07/08/en_eco_art_joint-ventures-start_08A1775479.shtml
LOCAL DEVELOPMENTS:
(Rockhopper Exploration)
The Company announces that it today received notification from Dr. Pierre Jungels, Executive Chairman of the Company, that he today acquired 20,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 54 pence per Ordinary Share.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1894048&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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