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Falklands : Hydrocarbons Daily Record Sunday, 13 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 14.07.2008 (Article Archived on 28.07.2008)

Tensions over Iran and supply worries in Nigeria have helped to increase the price of crude on Friday.

HYDROCARBONS DAILY RECORD SUNDAY, 13 JULY 2008

By J. Brock (FINN)

At 1930hrs LMT on Friday, 11 July 2008 Light Sweet Crude was trading at $145.08 up $3.43 on the New York Mercantile Exchange.  Brent Crude was trading at $144.49 up $2.46 Cents on Londonís ICE Futures Market.

ANALYSIS:

Tensions over Iran and supply worries in Nigeria have helped to increase the price of crude on Friday. 

True to form, tradersí profits from the sell-off have been used to buy back crude futures at higher prices.  Crude prices wonít fall until this practice is stopped.  Speculators will sell when the price is high and hold back stocks of crude at lower prices.  Itís a vicious circle that now has been identified.

Meanwhile, the rest of us need to look for alternative sources of energy, take far less vehicle and air journeys and stay at home for the holidays.

RELATED ARTICLES:

(Opinion)

The United States, like any forward-thinking investor, needs to diversify its energy portfolio. The country is not going to be able to drill its way out of this energy crisis; oil will not save us.

http://www.fresnobee.com/287/story/727068.html

SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET:  Friday, 11 July 2008.

 

TLW: 866.50 up 24.50, DES:  63.75 up 4.00, FOGL: 112.00 up 12.50 RKH:  65.50 up 5.50, BOR: 71.75 up 9.75 PRE: 12.50 unchanged GBP: 7.50 down 0.13, GPK: 384.00 unchanged, BLT 1695.00 down 33.00 RDSA: 1940.00 up 5.00, RDSB: 1919.00 up 10.00

 

New York Stock Exchange:

 

XOM:  85.48 up 0.58 (Trading in USD)

 

THE MARKETS (11/07/08)

 

FTSE100: 5,270.30 down 136.46 FTSE250: 8,339.10 down 180.81 SmallCap: 2,615. down 35.29

 

DJI: 11,100.54 down 128.48 NASDAQ: 2,239.08 down 18.77 S&P500: 1,239.49 down 13.90

 

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:

 

(Iran and Russia))

Improving recovery rates in Iran's ageing oil fields and Russian help in transferring Caspian Sea crude oil to the Gulf of Oman are also mentioned. ...

http://afp.google.com/article/ALeqM5j8RoMNBd2Zu4SZkKFVVMj4MHULHg

OPEC member Algeria, unveiling details of its 7th exploration and production licensing round, invited prequalified companies on Sunday to bid for acreage with what it called high potential for petroleum resources.

http://www.guardian.co.uk/business/feedarticle/7648732

(India and Peru)

Peru's state-owned petroleum company Petroperu has announced a pact with Indian conglomerate Reliance Industries Limited (RIL) to explore oil and gas in the Andean nation, Spain's EFE news agency reported Tuesday.

http://www.petroleumworld.com/story08071428.htm

REGIONAL DEVELOPMENTS:

(Argentina and Venezuela)

Three liquefied natural gas (LNG) tankers have unloaded their cargo in Argentina to date as part of a program to increase natural gas supplies during the winter months, an official with state energy company Enarsa told BNamericas.

http://www.energycurrent.com/index.php?id=3&storyid=11772

(Brazil)

Brazilian oil workers will begin a five-day strike at the country's main fields in the Campos basin from midnight on Sunday, a union official said.

 

http://www.reuters.com/article/rbssEnergyNews/idUSN1344656920080713

 

(Colombia)

Ortega Sur well project in Colombia could produce 7.5 million cubic feet per day, based on test results released on Wednesday in a press statement.

http://www.petroleumworld.com/story08071429.htm

LOCAL DEVELOPMENTS:

A form TR-1 containing the following information has been received by the Company. 

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1897146&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.

 

 

This article is the Property and Copyright of Falkland Islands News Network.

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