Falklands : Hydrocarbons Daily Record Tuesday, 01 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 02.07.2008 (Article Archived on 16.07.2008)
Price increases today are due to increased demand for Saudi oil, an IEA report that crude supplies will remain tight, general supply worries and an OPEC statement about investment flows.
HYDROCARBONS DAILY RECORD TUESDAY, 01 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 01 July 2008 Light Sweet Crude was trading at $140.97 up 97 Cents on the New York Mercantile Exchange. Brent Crude was trading at $140.54 up 68 Cents on London’s ICE Futures Market.
ANALYSIS:
Price increases today are due to increased demand for Saudi oil, an IEA report that crude supplies will remain tight, general supply worries and an OPEC statement about investment flows.
It is interesting to note that approximately the same supply concerns plagued crude prices when they were approximately $70.00 per barrel last year at this time. The pre holiday drive season meant that demand would rise and that was sufficient to put prices surprisingly close to where they were on 14 July 2006 when they reached a then all tie record of $78.40. It took a year to regain the record high but now it seems there are several record highs per month.
HDR sticks by its assessment that if suppliers and speculators refuse to sell crude at extortionate prices that the price of crude and relevant hydrocarbons products will come down.
Here in the Falklands the price of hydrocarbons products went up again today.
RELATED ARTICLES:
(IEA Report)
An IEA report released at the 19th World Petroleum Conference confirmed what most consumers fear - that supplies of oil will remain tight despite record prices and reduced demand as costly crude dampens the world's oil hunger.
http://www.bi-me.com/main.php?id=22013&t=1&c=33&cg=4&mset=
(Crude Prices)
Oil prices swung back towards record highs on Tuesday after the president of OPEC said there was uncertainty surrounding future investment in energy facilities that could boost crude output.
http://afp.google.com/article/ALeqM5jqYSADNSNI_1jAyfGwTDj3m0q9vQ
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 01 July 2008.
TLW: 906.00 down 49.00, DES: 87.25 down 4.50, FOGL: 127.50 down 2.50 RKH: 91.00 down 3.00, BOR: 80.50 down 4.00 PRE: 12.25 down 0.25, GBP: 7.88 down 0.13, GPK: 391.00 unchanged, BLT 1920.00 up 45.00, RDSA: 2015.00 down 48.00 RDSB: 1961.00 down 39.00
New York Stock Exchange:
XOM: 88.35 up 0.32 (Trading in USD)
THE MARKETS (01/07/08)
FTSE100: 5,479.90 down 146.00 FTSE250: 8,920.80 down224.97 SmallCap: 2,821.00 down 47.26
DJI: 11,382.26 up 32.25 NASDAQ: 2,304.97 up 11.99 S&P500: 1,284.91 up 4.91
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 20/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Trow Project)
Revus Energy ASA (OSE:REVUS) announces today that the drilling of Well 32/2-1, on the Trow Prospect, has been completed. The well penetrated thick waterbearing Jurassic reservoir sands. No signs of hydrocarbons were encountered. The well will now be plugged and abandoned.
http://www.foxbusiness.com/story/markets/industries/energy/drilling-result---throw-prospect-pl/
(India)
India received bids to explore fewer oil and gas areas than offered after the government withdrew a tax break on some new projects and a shortage of drilling equipment deterred companies.
http://www.livemint.com/2008/06/30225921/Only-96-oil-companies-bid-for.html
(Ipswitch Exploration Well)
indications The Ipswich exploration well, 1/3 - 11, which is operated by DongEnergy, has shown of hydrocarbons. The well is still inoperation and further data will have to be collected before any conclusions regarding the presence of movable
http://fonds.ad-hoc-news.de/CorporateNews/en/17992999/Preliminary+well+results+on+Ipswich
(Canada: Maderas Negras and San Bartolo wells)
Norwood Resources Ltd. (the "Company") announces that in preparation for the commencement of the production testing of the Maderas Negras and San Bartolo wells in late July, 2008, the Company has continued to refine the petrophysical model of Maderas Negras.
http://www.stockhouse.com/News/USReleasesDetail.aspx?n=6957334
REGIONAL DEVELOPMENTS:
(Argentina)
Researched by Industrial Info Resources (Sugar Land, Texas) -- On June 12, the government of Mendoza province in southeastern Argentina authorized the Polipetrol processing plant, located in Lujan de Cuyo's Provincial Industrial Park, to resume operation 20 days after its closure.
http://www.redorbit.com/news/business/1458300/polipetrol_fueloil_plant_in_southeastern_
argentina_resumes_operation_after_closure/
(Argentina Bolivia and Colombia)
Franklin Mining, Inc.'s (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) Chairman and President, William A. Petty, announces that Franklin was named a representative of Capital Oil & Gas, Ltd. (London) in April 2008 and authorized to negotiate the purchase of crude and refined petroleum products in the countries of Bolivia, Argentina and Colombia.
http://www.emediaworld.com/press_release/release_detail.php?id=87493
(Brazil)
Spain's top oil company Repsol YPF SA plans to invest as much as US$2 billion to develop vast crude reserves recently discovered at Brazil's deep-water Carioca oil field.
http://www.iht.com/articles/ap/2008/07/01/business/LA-Brazil-Repsol-Oil.php
The President of Brazil, Luiz Inacio “Lula” da Silva, and Venezuelan President Hugo Chávez met in Caracas last Friday to discuss the progress of bilateral accords regarding the production and distribution of energy and food, Venezuela’s bid to become a member of the South American free trade bloc MERCOSUR, educational exchange, border relations, and the nascent South American Defense Council.
http://www.venezuelanalysis.com/news/3609
Repsol YPF SA, Spain's largest oil company, tripled the amount of investment earmarked for developing crude oil deposits discovered with partners in Brazil as industry spending accelerates to meet rising demand.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aj45fb96UWbg&refer=latin_america
(Colombia)
Pacific Rubiales Energy Corp. (TSX: PEG) announced today that it has acquired a 21.7%, indirect interest in Promotora de Energia Electrica de Cartagena & Cia, S.C.A. E.S.P. (Proelectrica), a private, Cartagena, Colombia-based 90 megawatt electrical utility.
http://www.newswire.ca/en/releases/archive/June2008/30/c8831.html
(Uruguay)
Montevideo, Jul 1 (Prensa Latina) Raul Sendic, president of Uruguay's state-owned company, strongly denied the existence of problems between that firm and its Venezuelan counterpart, and said that all joint projects go as planned.
http://www.plenglish.com/article.asp?ID=%7B1847AD7E-15BC-4CBD-A798-0F3CCBC89D1B%7D&language=EN
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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