Falklands : Hydrocarbons Daily Record Thursday, 26 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 27.06.2008 (Article Archived on 11.07.2008)
Today’s sharp increases in crude prices are due to OPEC forecasting higher crude prices. Granted, $170.00 is a lot less than the $200.00 touted earlier by fear mongers but saying this was bad enough.
HYDROCARBONS DAILY RECORD THURSDAY, 26 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 26 June 2008 Light Sweet Crude was trading at $139.64 up 5.09 on the New York Mercantile Exchange. Brent Crude was trading at $139.83 up $5.50 on London’s ICE Futures Market.
ANALYSIS:
Today’s sharp increases in crude prices are due to OPEC forecasting higher crude prices. Granted, $170.00 is a lot less than the $200.00 touted earlier by fear mongers but saying this was bad enough. Libya also got into the act by saying it would cut crude production and add a weakening US Dollar to the mix and bingo – instant price rises.
A greater number of newly poor people are simply throwing up their hands in frustration at the ever increasing prices of hydrocarbons products. It’s enough to make them get angry and perhaps start using alternative fuels. In the Falklands more people are walking in Central Stanley than before and there are more bicycles on the roads. Seeing that it is winter here a greater proportion of money is spent on heating fuel and in some households that is cutting into the food budget, while others are economising in other ways. The government has used the increase in the cost of hydrocarbons products as a reason to increase charges and add new taxes, etc.
RELATED ARTICLES:
(Crude Prices)
Crude oil futures leaped more than $4 Thursday morning after the Organization of Petroleum Exporting Countries' president forecast higher prices and OPEC member Libya reportedly threatened a production cut.
http://online.wsj.com/article/SB121448811185207051.html?mod=googlenews_wsj
Crude-oil futures climbed to unprecedented levels Thursday, as weakness in the U.S. dollar, influenced by the U.S. Federal Reserve's decision to stand pat on interest rates, sent prices to a peak above $140 a barrel.
http://www.marketwatch.com/news/story/oil-scores-record-gains-fed/story.aspx?guid=%7BCBE85C23-ED1A-462D-878E-78139FF0B107%7D&dist=msr_1
The US government expects oil prices to fall by almost half to US$80 (Dh293) a barrel in two years, according to the latest report issued by the Department of Energy.
The bearish-analysts and industry officials, who have recently forecast prices will go as high as $250.
http://www.thenational.ae/article/20080626/BUSINESS/55864021/0/NEWS
(Jeddah)
At the hastily convened global oil summit in Jeddah, Saudi Arabia on June 22, top officials of producing and consuming nations from around the world attempted to find a combination of solutions that would somehow extricate us from the current crisis over sky-high energy prices. These proposals ranged from increased output by major producers like Saudi Arabia and Kuwait to restrictions on the activities of international oil speculators.
http://www.fpif.org/fpiftxt/5326
(Hydrocarbons Products Increase)
Dow Chemical Co. (DOW) announced its second round of price increases in a month and said it would trim production capacity for several products, as the chemicals giant continues to deal with the twin pressures of surging energy costs and sluggish economic conditions in the U.S. and Europe.
http://money.cnn.com/news/newsfeeds/articles/djf500/200806241405DOWJONESDJONLINE000486_
FORTUNE5.htm
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 26 June 2008.
TLW: 926.00 down 22.50, DES: 93.25 up 0.25, FOGL: 136.00 down 1.50 RKH: 95.25 down 1.00, BOR: 83.50 down 3.25 PRE: 13.00 down 0.25, GBP: 8.13 unchanged, GPK: 405.00 unchanged, BLT 1808.00 down 42.00, RDSA: 1985.00 up 1.00 RDSB: 1935.00 unchanged
New York Stock Exchange:
XOM: 86.49 down 1.19 (Trading in USD)
THE MARKETS (26/06/08)
FTSE100: 5,518.20 down 147.92, FTSE250: 9,107.30 down 213.94 SmallCap: 2,886.90 down 33.73
DJI: 11,453.42 down 358.41 NASDAQ: 2,321.37 down 39.89 S&P500: 1,283.15 down 28.82
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 20/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
HYDROCARBONS DEVELOPMENTS:
(Alternative Energy)
Aiming at a "green revolution," British Prime Minister Gordon Brown outlined an ambitious investment program of $200 billion to boost the production of renewable energies in line with the European Union's policy of reducing greenhouse gas emission.
http://www.rttnews.com/Content/GeneralNews.aspx?Node=B1&Id=641194
(A New Group)
As part of the ongoing strategy of NXT, the Company is pleased to announce the formation of our Geosciences Advisory Board. The board's mandate is to expand the industry acceptance and application of SFD Survey System as well as to advance the understanding of the underlying science
http://money.cnn.com/news/newsfeeds/articles/marketwire/0410873.htm
INTERNATIONAL DEVELOPMENTS:
(Russia)
OJSC "Tomskgazprom" (the 100 percent subsidiary of OJSC "Vostokgazprom") plans in 2009-2011 to increase extraction of liquid hydrocarbons in 3 times
http://www.akm.ru/eng/news/2008/june/26/ns2378907.htm
(Canada)
LAVAL, QC, June 25 /CNW/ - Stelmine Canada Ltd. ("Stelmine") (TSX:STH) is proud to announce the nomination of Mr. Pierre Carrier as member of the board of directors of the company. The nomination of Mr. Carrier to the board of Stelmine is part of the new exploration strategies to diversify activities from exclusively mining to partly hydrocarbons exploration.
http://www.cnw.ca/fr/releases/archive/June2008/25/c7516.html
REGIONAL DEVELOPMENTS:
(Brazil)
Brazil's President Luiz Inacio Lula da Silva said the country will at least triple its oil reserves from exploration of a new offshore area that includes the Western Hemisphere's largest discovery since 1976.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajMY92dNzAGs&refer=home
(Brazil and Venezuela)
The joint venture between the Brazilian state owned-oil company Petrobras and Venezuela's PDVSA in the Abreu e Lima Refinery (state of Pernambuco, Brazil) should be postponed once again. The partnership has been negotiated since 2005 and the governments of the two countries expected to announce the undertaking next Friday, during a meeting between the Brazilian President Luiz Inácio Lula da Silva and his Venezuelan counterpart, Hugo Chávez, in Caracas, Venezuela.
http://www.gazetamercantil.com.br/integraNoticia.aspx?Param=570%2C0%2C+%2C1907519%2CUIOU
(Uruguay)
Experts have confirmed the discovery of major natural gas reserves off Uruguay's coast, and the South American country in December will court investors to exploit it, state oil company Ancap said.
http://www.hemscott.com/news/static/tfn/item.do?newsId=65116000022623
Experts have confirmed the discovery of major natural gas reserves off Uruguay's coast, and the South American country in December will court investors to exploit it, state oil company Ancap said.
http://www.iii.co.uk/news/?type=afxnews&articleid=6779817&action=article
LOCAL DEVELOPMENTS:
(Falkland Islands Holdings Ltd.)
What investors are chiefly waiting for is drilling results from Falkland Oil & Gas (FOGL), which agreed a farm-in deal with mining giant BHP Billiton in October. The company says exploration drilling is expected to start before the end of 2009.
http://www.growthcompany.co.uk/news-and-comment/445551/fih-makes-19-million.thtml
(Rockhopper Exploration)
Rockhopper Exploration Plc ("the Company"): Notifiable Interest
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1881010&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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