Falklands : Hydrocarbons Daily Record (20/06/07)
Submitted by Falkland Islands News Network (Juanita Brock) 21.06.2007 (Article Archived on 10.07.2007)
Inventory reports showing a dramatic increase in stocks of crude, gasoline and distillates have helped the price of crude to lower today.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 20 JUNE 2007
By J. Brock (FINN)
At 1800LMT on Wednesday, 20 June 2007 Light Sweet Crude was trading at $67.44 down $1.66 on the New York Mercantile Exchange and Brent Crude was trading at $69.76 down $2.08 on London’s Ice Futures Market.
ANALYSIS:
Inventory reports showing a dramatic increase in stocks of crude, gasoline and distillates have helped the price of crude to lower today.
BRIEF INVENTORY REPORT FOR THE WEEK ENDING 15 JUNE 2007:
Gasoline: Up 1.8 Million Barrels to 203 Million Barrels
US Gasoline Imports: Up 127,000 to 1.3 Million Barrels per day.
Crude: Up 6.9 Million Barrels to 349.3 Million Barrels
US Crude Imports: Up 650,000 Barrels to 10.8 Million Barrels per day.
Distillates: Up 100,000 Barrels to 122.7 Million Barrels
Refinery Capacity: Down 1.6% to 87.6%
THE MARKETS:
FTSE 100: 6,649.30 – 0.94
FTSE 250: 11,797.50 down 19.69
SmallCap: 4,095.50 down 12.99
DJI: 13,489.42 down 146.00
NASDAQ: 2,599.96 down 26.80
S&P: 1,512.84 down 20.86
INTERNATIONAL DEVELOPMENTS:
(People’s Republic of China)
Petrochina has replaced Royal Dutch Shell as No. 2. in the list of oil companies by market capital after the discovery and up coming exploitation of its 3.6 Billion Barrel discovery – the largest ever inside China. It is hoped that this prospect will help to wean China off of oil imports and the cash raised is expected to ploughed back into the infrastructure and for development.
Leading oil companies are, No. 1 Exxon/Mobile, No. 2 Petrochina, and No. 3 Royal Dutch Shell
REGIONAL DEVELOPMENTS
(Brazil)
Brazil’s state owned energy company, Petrobras is seeking a foot-hold to become a global operator in the liquefied natural gas. Petrobras has begun negotiations for partnerships with companies and governments in the Middle East and Africa. The company announced on a visit to Qatar that they are interested in developing and guaranteeing supplies to Brazil. Qatar is the main world producer of LNG.
(Venezuela)
The Government of Venezuela is negotiating with private oil companies over the takeover of four multibillion projects focused on future policy about joint ventures. Venezuela’s President Hugo Chavez has ordered oil companies, like Exxon Mobil to give the government a majority stake in the Orinoco Belt projects as part of his country’s nationalisation of the hydrocarbons industry.
RELEVANT SHARE PRICES:
TLW: 504.50 up 57.50
DES: 30.25 unchanged
FOGL: 79.50 down 2.00
RKH: 44.00 unchanged
BOR: 24.00 unchanged
|
