Falklands : Hydrocarbons Daily Record Thursday, 24 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 25.07.2008 (Article Archived on 07.08.2008)
Though the then hurricane Dolly came ashore yesterday it was used to cause concern in the market today – but the storm didn’t hit oil infrastructure in the Gulf of Mexico.
HYDROCARBONS DAILY RECORD THURSDAY, 24 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 24 July 2008 Light Sweet Crude was trading at $125.49 up $1.05 on the New York Mercantile Exchange. Brent Crude was trading at $125.92 up 63 Cents on London’s ICE Futures Market.
ANALYSIS:
The reasons given for the increase in crude prices today are tropical storm Dolly and Iran’s enrichment of nuclear fuel for “energy generation.” Though the then hurricane Dolly came ashore yesterday it was used to cause concern in the market today – but the storm didn’t hit oil infrastructure in the Gulf of Mexico.
Hurricane season ends in November – it does every year – so there is no reason to be overly concerned until one actually hits that important oil related infrastructure in the Gulf of Mexico. Hopefully this will only be a temporary set-back for people who need crude prices and those of resulting hydrocarbons products to come down significantly.
Reports of price fixing don’t help people who are going to experience colder homes this winter as a result of this crime.
RELATED ARTICLES:
(Price Fixing)
Commodity regulators in Washington have accused a Dutch trading company of making roughly $1 million in illegal profits by manipulating the prices of crude oil, heating oil and gasoline over an 11-day period last year.
http://www.nytimes.com/2008/07/25/business/25cftc.html?hp
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 24 July 2008.
TLW: 725.00 down 40.50, DES: 78.00 unchanged, FOGL: 120.50 up 6.00 RKH: 69.50 down 2.50, BOR: 67.50 down 3.25 PRE: 12.00 down 0.25 GBP: 7.25.00 unchanged, GPK: 419.00 down 2.50, BLT 1540.00 down 76.00 RDSA: 1818.00 down 24.00, RDSB: 1790.00 down 36.00
New York Stock Exchange:
XOM: 80.71 down 0.28 (Trading in USD)
THE MARKETS (24/07/08)
FTSE100: 5,362.30 down 87.59 FTSE250: 9,007.20 down 182.60 SmallCap: 2,741.20 down 22.87
DJI: 11,349.28 down 283.10 NASDAQ: 2,280.11 down 45.77 S&P500: 1,252.54 down 29.65
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 18/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Research and Development)
A wider of range of plant material could be turned into biofuels thanks to a breakthrough that converts plant molecules called lignin into liquid hydrocarbons.
http://abcnews.go.com/Technology/AheadoftheCurve/story?id=5428084&page=1
(Arctic)
The race for petroleum resources above the Arctic Circle is likely to speed up in coming years, as the polar ice cap melts and access to oil and gas reserves in many other places around the world becomes more challenging.
http://www.iht.com/articles/2008/07/24/business/arctic.php
(Venezuela and Belarus)
With the presence of Venezuelan President Hugo Chavez Frias, Belarusian Belorusneft and Venezuelan PDVSA oil companies signed a memorandum of understanding on Wednesday, which widens bilateral cooperation in that sector.
http://insidecostarica.com/dailynews/2008/july/24/reg03.htm
REGIONAL DEVELOPMENTS:
(Argentina)
Researched by Industrial Info Resources (Sugar Land, Texas) -- Repsol YPF's (NYSE:REP) (Madrid, Spain) La Plata refinery in Buenos Aires, Argentina, is undergoing a revamp and maintenance shutdown in a fluid catalytic cracking unit.
http://www.marketwire.com/press-release/Industrial-Info-Resources-882331.html
(Bolivia)
Initiatives put in place by the Bolivian Govt to increase the use of natural gas vehicles could have the opposite effect, with industry members saying they pose more of a threat than an advantage.
http://www.ngvglobal.com/en/policy/bolivian-govt-risks-ngv-industry-with-over-zealous-policies-02016.html
(Chile)
Methanex Corp. (TSX:MX), a producer of methanol used in gasoline, paint and other products, says a push for alternative fuels could be a long-term benefit for the company as it faces falling demand for the industrial chemical in North America.
http://www.thesudburystar.com/ArticleDisplay.aspx?e=1128186
http://www.oilweek.com/news.asp?ID=17599
(Peru)
Peru's state-owned Petroleos del Peru plans to invest some $50 million for an extension to the 852-km Norperuano crude oil pipeline that runs to the Pacific coast from fields in the northeastern jungle region.
http://www.ogj.com/display_article/335229/7/ONART/none/Trasp/1/Petroleos-del-Peru-to-loop-Norperuano-pipeline/
The upgrading of the 854 km North Peruvian Oil Pipeline for transporting heavy oil will require an investment of $840 million, the head of state oil company Petroperu, Cesar Gutierrez, said today
http://www.livinginperu.com/news-6966-miningenergy-840-million-be-invested-peru-oil-pipeline
LOCAL DEVELOPMENTS:
(Desire Petroleum)
The Company was notified on 24 July 2008 that, following an acquisition of Ordinary Shares on 18 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=1909871&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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