Falklands : Hydrocarbons Daily Record (21/06/07)
Submitted by Falkland Islands News Network (Juanita Brock) 22.06.2007 (Article Archived on 06.07.2007)
Crude prices remained largely flat today due to the easing of supply worries from Nigeria. Refinery capacity remains the bottleneck, with the decline of capacity from 91.1% at the end of May to 87.6% in mid June. This isn’t good news for road users during the summer drive season
HYDROCARBONS DAILY RECORD: THURSDAY, 21 JUNE 2007
By J. Brock (FINN)
At 1800LMT on Thursday, 21 June 2007 Light Sweet Crude was trading at $68.56 down 30 Cents on the New York Mercantile Exchange and Brent Crude was trading at $70.22 down 20 Cents on London’s Ice Futures Market.
ANALYSIS:
Crude prices remained largely flat today due to the easing of supply worries from Nigeria. Refinery capacity remains the bottleneck, with the decline of capacity from 91.1% at the end of May to 87.6% in mid June. This isn’t good news for road users during the summer drive season.
THE MARKETS:
FTSE 100: 6,596.00 down 53.25
FTSE 250: 11,617.10 down 180.40
SmallCap: 4,052.80 down 42.72
DJI: 13,545.84 up 56.42
NASDAQ: 2,616.96 up 17.00
S&P: 1,522.19 up 9.35
INTERNATIONAL DEVELOPMENTS:
(Algeria)
Sonatrach, an Algerian oil and gas company, has announced the discovery of 4 new hydrocarbons deposits in the basins of Berkine and Gourara located in the southern region of the country. Thus far 12 hydrocarbons deposits have been discovered in Algeria since the start of the year 2007. Eighteen hydrocarbons discoveries were recorded in Algeria in 2006.
(Russia)
Exxon/Mobil announced today that it expects the Russian government to continue to honour a contract for the development of hydrocarbons reserves off Russia's Pacific coast. Royal Dutch Shell Plc earlier this year relinquished its stake in a similar project off Sakhalin Island to Gasprom. Shell apparently agreed to ramp up its compensation to the Russian government in a bid to salvage the multibillion-dollar venture.
REGIONAL DEVELOPMENTS
(Brazil)
Petrobras announced today that it attained a new record high in daily oil production at the Espírito Santo Basin, in the south-east. The new record at the Espírito Santo Basin occurred on Friday, 15 June 2007 when 141,700 barrels were extracted from the field. According to Petrobras, this is an expressive volume when compared with the average for the month of May at 99,100 barrels per day.
(Bolivia)
Workers at Bolivia's state-owned oil company, YPFB, have planned a strike today to protest the management of the company The union announced that Aruquipa and other YPFB administrators' actions have led to shortages of liquefied petroleum gas (LPG) for internal distribution. Arguments about the level of LPG imports and rationing of natural gas to the internal and external markets have caused the work stoppage.
(Argentina)
Enrique Eskenazi, an Argentine businessman, is buying 25 percent of Repsol YPF's stake in YPF, an Argentine energy company. This move is aimed to bring YPF under Argentine control, with a more rational energy policy taking shape in the country that faces energy shortages.
RELEVANT SHARE PRICES:
TLW: 488.00 down 16.50
DES: 30.00 down 0.25
FOGL: 79.50 unchanged
RKH: 44.00 unchanged
BOR: 24.00 unchanged
|
