Falklands : Hydrocarbons Daily Record Tuesday, 06 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 07.05.2008 (Article Archived on 21.05.2008)
Analysts reports that demand won’t be affected by price, coupled with a veiled supply threat were the major factors in today’s crude price increases. Also on today’s palate are the weakening US Dollar and declining production in Mexico
HYDROCARBONS DAILY RECORD TUESDAY, 06 MAY 2008
By J. Brock (FINN)
At 1900hrs LMT on Tuesday, 06 May 2008 Light Sweet Crude was trading at $121.84 up $1.87 on the New York Mercantile Exchange. Brent Crude was trading at $120.31 up $2.32 on London’s ICE Futures Market.
ANALYSIS:
Analysts reports that demand won’t be affected by price, coupled with a veiled supply threat were the major factors in today’s crude price increases. Also on today’s palate are the weakening US Dollar and declining production in Mexico
Above all else, it seems that fear and greed are the real culprits here. HDR advises to seek alternative energy before those who turn a profit from crude futures can squeeze out any more of our hard earned cash.
RELATED ARTICLES:
The U.S. Department of Energy's Energy Information Administration unit will publish its Weekly Petroleum Status Report late Wednesday, including oil inventories for the week ended May 2.
http://www.smartmoney.com/breaking-news/ON/index.cfm?story=ON-20080505-000040-0258
Perhaps 60% of today's Crude Oil Price is Pure Speculation
The price of crude oil today is not made according to any traditional relation of supply to demand. It's controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today's crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price.
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=4573
Note: 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
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 06 May 2008.
TLW: 943.50 up 183.50, DES: 88.00 down 1.00, FOGL: 145.00 down 5.00, RKH: 99.00 unchanged BOR: 71.00 down 4.50, PRE: 11.50 unchanged, GBP: 7.50 unchanged GPK: 389.00 unchanged, BLT 1948.00 up 72.00 RDSA: 2044.00 up 16.00 RDSB: 2037 up 17.00
New York Stock Exchange:
XOM: 90.07 up 0.56 (USD)
THE MARKETS (06/05/08)
FTSE100: 6,215.20 down 0.53, FTSE250: 10,329.00 up 38.20, SmallCap: 3,200.00 down 4.58
DJI: 13,020.83 up 51.29 NASDAQ: 2,483.31 up 19.19 S&P500: 1,418.26 up 10.77
INTERNATIONAL DEVELOPMENTS:
(Australia)
reinforcing parts of the hull of the Neptune oil platform in the Gulf of Mexico to enable the delayed project to start up.
The repairs are under way and the $1.1 billion project may start production by the end of the second quarter, Melbourne-based BHP said today in an e-mailed statement. That's about six months later than the original commencement date.
http://www.chron.com/disp/story.mpl/headline/biz/5756895.html
(Angola)
5 May, the block 15/06 partnership announced the first oil discovery in this deepwater block off the coast of Angola. StatoilHydro has a 5% share in the block.
http://finchannel.com/index.php?option=com_content&task=view&id=11980&Itemid=47
(Gulf of Mexico)
Global subsea engineering company, MCS, is launching its comprehensive integrity management package at OTC to help operators comply with new Minerals Management Service (MMS) regulations in the Gulf of Mexico.
http://www.oilvoice.com/post/Company_News_Release/Subsea_Engineering_Company_Launches_Comprehensive_Integrity_Management_Package_a/8148d5e512.aspx
(India)
Arrow Energy has commenced drilling its first overseas well – at the Tatapani-Ramkola block in India.
http://www.oilvoice.com/n/Arrow_Starts_Drilling_First_International_Well/04993120.aspx
REGIONAL DEVELOPMENTS:
(Argentina)
Wintershall oil and gas unit said it won two exploration licenses in Argentina, and that it will invest $250 million in the country over the next five years.
http://www.forbes.com/markets/feeds/afx/2008/05/06/afx4974181.html
Wintershall is stepping up its activities in Argentina: the wholly owned BASF subsidiary has been awarded two exploration licenses in the Cañadón Asfalto Basin in Central Argentina after successfully bidding in the international licensing round E-01/92 ‘Plan Argentina’
http://www.oilvoice.com/n/Wintershall_Wins_New_Exploration_Licenses_in_Argentina/fd8adcfc.aspx
(Bolivia)
Most people in Bolivia remain satisfied with their president’s performance, according to a poll by Ipsos Apoyo, Opinión y Mercado. 54 per cent of respondents approve of the job Evo Morales has done so far, down two points since March
http://www.angus-reid.com/polls/view/30614/most_bolivians_content_with_president_morales
(Brazil)
Petroleo Brasileiro SA, Brazil's state-controlled oil company, may pump oil a year earlier than expected from the Western Hemisphere's biggest find since 1976, increasing supply at a time of record prices. The field isn't as difficult to tap as predicted, lying no more than 7.1 kilometers (4.4 miles) beneath the ocean's surface, Petrobras Chief
http://www.bloomberg.com/apps/news?pid=20601086&sid=a5d8FWu4LE5k&refer=news
Petrobras expects to start oil exploration in the Tupi oil field in 2009 and the Carioca reserve within the next four to five years, the company’s chairman, José Sérgio Gabrielli said in Houston Monday.
http://www.macauhub.com.mo/en/news.php?ID=5316
(Chile)
(SANTIAGO:Methanex) announced today that it has signed an agreement with ENAP (the Chilean state-owned oil and gas company) to accelerate gas exploration and development in the Dorado Riquelme exploration block and supply new Chilean-sourced natural gas to Methanex's production facilities in Chile.
http://www.foxbusiness.com/story/markets/industries/industrials/methanex-announces-agreement-enap-source-natural-gas-chile-operations/
Chile has signed contracts with four international oil companies for exploration of eight blocks in the southern Magallanes region.
http://www.ogj.com/display_article/327839/7/ONART/none/ExplD/1/Chile-awards-eight-exploration-blocks/
(Ecuador)
Spain's Repsol-YPF (REP.MC: Quote, Profile, Research) expects its oil output in Ecuador to fall 10 percent this year to 53,000 barrels per day compared to last year due to an investment freeze, a company official said on Monday.
http://uk.reuters.com/article/oilRpt/idUKN0542083520080505
(China and Venezuela)
Beijing and Caracas will further strengthen energy links by signing a deal this week to jointly build a refinery in China to process Venezuelan crude, oil executives said on Tuesday.
http://uk.reuters.com/article/oilRpt/idUKSHA14045320080506
LOCAL DEVELOPMENTS:
If a lack of liquidity is Aim's biggest problem, then the Falkland Islands oil explorers are fortunate to be blessed with the interest of thousands of excitable retail investors.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/06/cxmktrep106.xml
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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