Falklands : Hydrocarbons Daily Record Monday, 14 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 15.07.2008 (Article Archived on 29.07.2008)
Crude prices closed relatively flat today with concerns being expressed about supply due to the Brazil Oil Rig Strike. Seeing that the strike is expected to last 5 days, supply from that source shouldn’t have a problem. The US Dollar has gained against several currencies and this kept prices even.
HYDROCARBONS DAILY RECORD MONDAY, 14 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 14 July 2008 Light Sweet Crude was trading at $145.18 up 10 Cents on the New York Mercantile Exchange. Brent Crude was trading at $143.92 down 57 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices closed relatively flat today with concerns being expressed about supply due to the Brazil Oil Rig Strike. Seeing that the strike is expected to last 5 days, supply from that source shouldn’t have a problem. The US Dollar has gained against several currencies and this kept prices even.
Classed as being unhelpful are President Hugo Chavez’ remarks about $300.00 crude if Venezuela’s assets are frozen due to legal action. HDR also can raise the price of crude – providing it is converted to Zimbabwe Dollars. At ZWD 84.25 Million to just 1 USD, It’s an awesome figure! Repeating the amount of $300.00 per barrel can cause traders and speculators to gain profits on people’s fear.
RELATED ARTICLES:
(Crude Prices)
Crude oil prices closed modestly mixed Monday as oil workers in Brazil began a five-day strike that further tightened global energy supplies, traders said.
http://afp.google.com/article/ALeqM5igUz7hwIrEn3MjzrtdG1GgmcZeUw
Oil prices were virtually unchanged Monday as a plan to aid the major U.S. mortgage finance firms was countered by continuing concerns about supply, particularly after Brazilian oil workers began a 5-day strike.
http://money.cnn.com/2008/07/14/markets/oil/?postversion=2008071415
($300.00 oil)
Venezuelan President Hugo Chavez said on Sunday oil prices could hit $300 per barrel if U.S. oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalized oil project.
http://uk.reuters.com/article/rbssEnergyNews/idUKN1338614020080713
(Alternative Energy)
The North Sea could become “the Gulf of the future” for wind power thanks to the development of off-shore wind-farms in the coming years, Prime Minister Gordon Brown told fellow EU leaders yesterday.
http://www.pressandjournal.co.uk/Article.aspx/736948?UserKey=0
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 14 July 2008.
TLW: 848.00 down 18.50, DES: 69.50 up 5.75, FOGL: 114.00 up 2.00 RKH: 65.50 up 5.50, BOR: 76.25 up 4.50 PRE: 12.50 unchanged GBP: 7.38 down 0.13, GPK: 384.00 unchanged, BLT 1747.00 up 52.00 RDSA: 1915.00 down 25.00, RDSB: 1892.00 down 27.00
New York Stock Exchange:
XOM: 85.42 down 0.06 (Trading in USD)
THE MARKETS (14/07/08)
FTSE100: 5,300.40 up 38.80 FTSE250: 8,445.70 up 106.63 SmallCap: 2,629.00 up 14.05
DJI: 11,055.19 down 45.35 NASDAQ: 2,212.87 down 26.21 S&P500: 1,228.30 down 11.19
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:
(Algeria)
Algeria has launched a long-awaited oil and gas licensing round, the first since the adoption of the controversial Hydrocarbons Law two years ago.
Note: This item requires registration.
http://www.meed.com/news/2008/07/algeria_launches_longawaited_oil_licensing_round.html
(Iran)
The move by the French energy giant follows similar decisions by Royal Dutch Shell (NYSE:RDS-A) and Spain's Repsol YPF. Iranian Oil Minister Gholamhossein ...
Note: This item requires registration
http://www.upi.com/Energy_Resources/2008/07/11/Iran_soldiers_on_without_Total_development/UPI-89641215811916/
(North Sea Oil)
IEX and AIM listed exploration company Providence Resources has been awarded a new licensing option in the North Celtic Sea basin, off the south coast of Ireland.
http://www.rte.ie/business/2008/0714/providence.html
(United States)
Irvine Energy Plc. said its Rock 1-29 well has encountered no commercial hydrocarbons in the Arbuckle formation in Kansas,
http://www.hemscott.com/news/static/tfn/item.do?newsId=65539053472727
Liberty is expected to yield about 100 million barrels of oil. New production is intended to offset declining production on Alaska's North Slope, ...
http://www.iht.com/articles/ap/2008/07/14/business/NA-US-BP-Liberty.php
(Ecuador)
This work, the most important in the history of this country, will have a cost close to $10 billion and be constructed by state Petroecuador and Petroleos ...
Note: This item requires registration
http://www.plenglish.com.mx/article.asp
REGIONAL DEVELOPMENTS:
(Argentina)
The new plan calls for spending some $7.3 billion to build two 4.7-million ton capacity trains in partnership with Argentina’s Enarsa and Portugal’s Galp
http://www.energytribune.com/articles.cfm?aid=946
(Brazil)
Brazil's oil and gas giant Petrobras said Friday that a planned five-day strike by platform workers next week would not affect production.
http://news.xinhuanet.com/english/2008-07/12/content_8533426.htm
(Chile)
Fitch has assigned the company's senior unsecured revolver a rating of 'BBB'. Methanex's ratings are supported by its size, scale, and low-cost position within the methanol industry; its global distribution network; a track record of free cash flow generation and conservative financial management; and the tailwinds created by high energy prices, which have helped boost methanol prices. Ratings concerns center on lost volumes at the company's Chilean plants due to ongoing gas supply disruptions; the potential for higher near-term capital expenditures to make up for natural gas shortfalls at those plants; and volatility in methanol pricing.
http://www.marketwatch.com/news/story/fitch-affirms-methanexs-idr-bbb/story.aspx?guid=%7B56849C55-7B0C-4474-8193-B9B926B17B56%7D&dist=hppr
(Colombia and Venezuela)
Colombian ambassador to Venezuela Fernando Marin is reported to have said that Venezuela and Colombia are set to discuss possible development projects in the Orinoco belt, when the presidents of both countries meet today.
http://www.yourindustrynews.com/news_item.php?newsID=7904
LOCAL DEVELOPMENTS:
(Desire Petroleum)
The Company was notified on 14 July 2008 that, following an acquisition of Ordinary Shares on 9 July 2008, Barclays PLC has a notifiable interest in 5.01% of the issued share capital of the Company.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1899513&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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