Falklands : Hydrocarbons Daily Record Thursday, 10 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 11.07.2008 (Article Archived on 25.07.2008)
Crude prices increased sharply today due to supply concerns from Nigeria and Iran. In Nigeria it is terrorism and in Iran traders are touting missiles on the pad. Tomorrow it will be a different set of circumstances to increase crude prices.
HYDROCARBONS DAILY RECORD THURSDAY, 10 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 10 July 2008 Light Sweet Crude was trading at $142.04 up $5.50 on the New York Mercantile Exchange. Brent Crude was trading at $142.03 up $5.45 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased sharply today due to supply concerns from Nigeria and Iran. In Nigeria it is terrorism and in Iran traders are touting missiles on the pad. Tomorrow it will be a different set of circumstances to increase crude prices.
As HDR has reported before, prices drop on profit taking with profit used to buy back shares and pay more for them than the previous high. Speculators hold on to crude stocks and only sell when the price is high. Due to the inching-up of prices this has been going on widely unnoticed for over a year.
Geopolitics and supply concerns are irrelevant in the face of this new way of jacking up crude prices. While they are significant causes to increase crude prices, the trader-speculator mix is lethal. Even greater concerns were about last year at this time when crude prices began to rise.
RELATED ARTICLES:
(Crude Prices)
Oil rallied late Thursday, settling more than $5 a barrel higher, as traders reacted to talk of further turbulence in Iran and Nigeria, raising new supply concerns.
http://money.cnn.com/2008/07/10/markets/oil/?postversion=2008071016
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 10 July 2008.
TLW: 842.00 down 35.00, DES: 59.75 up 8.50, FOGL: 104.50 up 12.00 RKH: 60.00 up 3.00, BOR: 62.00 up 5.25 PRE: 12.50 down 0.75 GBP: 7.63.00 unchanged, GPK: 384.00 unchanged, BLT 1728.00 up 18.00 RDSA: 1935.00 down 50.00, RDSB: 1909.00 down 45.00
New York Stock Exchange:
XOM: 86.06 up 1.75 (Trading in USD)
THE MARKETS (10/07/08)
FTSE100: 5,406.80 down 122.80 FTSE250: 8,519.90 down 134.73 SmallCap: 2,650.30 down 20.50
DJI: 11,229.02 NASDAQ: 2,257.85 up 22.96 S&P500: 1,253.39 up 8.71
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 04/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(France)
This is a very hard blow» to Iran's plan, especially given the decision in May by Royal Dutch Shell PLC and Repsol YPF SA to pull out of their own South
http://www.pr-inside.com/french-energy-giant-total-says-it-s-r696360.htm
French energy giant Total SA said Thursday it is too risky to invest in Iran for now, raising questions about the future of major western involvement in developing Iranian gas reserves.
http://www.forbes.com/feeds/ap/2008/07/10/ap5200852.html
Total chief executive Christophe de Margerie has said the French energy giant will not be investing in Iran because it is too risky.
http://www.presstv.ir/detail.aspx?id=63214§ionid=3510213
(North Sea Oil)
Once the world’s sixth-biggest producer of oil and gas, Britain has seen production drop by around 40% since its peak of 4.5m barrels a day in 1999. On July 8th Oil & Gas UK (OGUK), the offshore industry’s trade association, released its annual report.
http://www.economist.com/world/britain/displaystory.cfm?story_id=11707772
(Russia – Arctic)
The biggest country in the world looks set to get even bigger as Russia prepares an application to extend its borders over 1.2 million square kilometres of Arctic waters.
http://mnweekly.ru/business/20080710/55337256.html
(United States)
Caza Oil & Gas, Inc. said the Glass Ranch well in Texas has successfully encountered hydrocarbons.
http://www.hemscott.com/news/static/tfn/item.do?newsId=65116002079743
REGIONAL DEVELOPMENTS:
(Bolivia)
People have condemned the stance taken by five opposition prefects who, in detriment of social programs, have demanded resources for their regions from the tax on oil production.
http://www.plenglish.com/article.asp?ID=%7B990BD13E-67AD-4D1A-AA61-CF389AA4B15A%7D)&language=EN
(Brazil)
The local arm of Brazil's Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) agreed last year to sell its stake in top Argentine power transmitter Transener to Argentine state-run energy firm Enarsa and to private firm Electroingenieria.
http://uk.reuters.com/article/oilRpt/idUKN1047883020080710
A key Brazilian oil workers' union threatened on Thursday to shut down Petrobras oil fields in the Campos basin that produces over 80 percent of Brazil's oil for five days starting from Monday.
http://in.reuters.com/article/rbssEnergyNews/idINN104808320080710
(Colombia)
Petro Vista Energy Corp. (TSX VENTURE:PTV) (the "Company") is pleased to announce the completion of the acquisition of a 25% working interest in the La Maye Block located in the Lower Magdalena Basin, Colombia, as previously announced on May 28th, 2008.
http://www.istockanalyst.com/article/viewiStockNews+articleid_2385278~title_Petro-Vista-Announces.html
(Venezuela)
Venezuelan state oil company (Pdvsa) oil drill is set to begin searching for gas and condensates in Bolivia by the end of the month, said the company in a communiqué.
http://english.eluniversal.com/2008/07/09/en_eco_art_pdvsa-drill-begins-s_09A1782319.shtml
LOCAL DEVELOPMENTS:
(Desire Petroleum)
Application has been made for the admission to trading on AIM of 435,356 new ordinary shares in Desire following the exercise of an equivalent number of options on 7 July 2008. Admission is expected to occur on 16 July 2008.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1896192&source=RNS
(Rockhopper Exploration)
The Company announces that on 9 July 2008 it received notification from Richard Visick, a non-executive director of the Company, that on the same day he acquired 200,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 58 pence per Ordinary Share.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1895979&source=RNS
(News Item)
We have an abundance of black gold elsewhere just waiting to be tapped into. The place concerned is the Falkland Islands. To my knowledge, it’s also highly enriched with minerals, coal, glass and iron ore.
http://www.chroniclelive.co.uk/north-east-news/have-your-say/readers-letters/2008/07/10/my-day-is-brightened-by-colour-72703-21317218/
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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