Falklands : Hydrocarbons Daily Record (24 October 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 25.10.2007 (Article Archived on 08.11.2007)
A disappointing inventory report for the week ending 19 October 2007 has fuelled the latest price increase today.
HYDROCARBONS DAILY RECORD (24 OCTOBER 2007)
By J. Brock (FINN)
CRUDE PRICES Wednesday, 24 October 2007:
Light Sweet Crude traded at $87.10 up $1.83 on the New York Mercantile Exchange. Brent Crude was trading at $84.37 up $1.52 on London’s ICE Futures Market.
ANALYSIS:
A disappointing inventory report for the week ending 19 October has fuelled the latest price increase today. Prices are artificially high and they won’t come down until demand decreases.
THE MARKETS:
FTSE 100: 6,482.00 down 31.99, FTSE250: 11,278.50 down 80.63, SmallCap: 3,802.20 down 33.06
DJI: 13,675.25 down 0.98, NASDAQ: 2,774.76 down 24.50, S&P500: 1,515.88 down 3.71
A BRIEF INVENTORY REPORT FOR THE WEEK ENDING 19 OCTOBER 2007:
Crude: down 5.3 million barrels to 316.6 million barrels
Gasoline: down 2 million barrels to 193.8 million barrels
Distillates: down 1.8 million barrels to 134.5 million barrels
Refinery Capacity: down 0.2% to 87.1%
REGIONAL DEVELOPMENTS:
(Venezuela)
Prensa Latina reports that Venezuela plans to extract the estimated four billion barrels of oil in the Lake Maracaibo vicinity is part of a government oil strategy - Oil Sowing Plan - aimed at producing 5.8 million barrels daily by 2012. The report goes on to say that an assessment of the project will be made by INTEVEP, a subsidiary of PDVSA state oil company. Related investment is estimated at about 420 million dollars, for exploration of an area of 12,600 square kilometres, and another of 1,200 square kilometres, presumably in the same vicinity. The project also aims to design mechanisms for the better recovery of existing inventories in the zone.
(100X Translation Service)
(Ecuador)
According to a press release Ecuador has again been accepted as an active member of OPEC after 15 years of being inactive. Ecuador stopped paying OPEC membership fees in 1992, though it never formally left the organisation. The press release went on to say that Ecuador and OPEC agreed on a three-year payment plan to pay back a 5.7 million U.S. dollar debt accrued while the country was an inactive OPEC member. Ecuador is re-negotiating contracts with overseas oil companies, following a change in law that gives the state a 99 percent excess oil profits.
(100X Translation Service)
RELEVANT SHARE PRICES:
(1800 LMT)
London Stock Exchange:
TLW: 610.00 up 12.50, DES: 28.25 up 0.25, FOGL: 142.50 up 0.50, RKH: 46.00 down 0.75, BOR: 37.00 unchanged, PRE: 14.00 down 0.25, GBP: 10.25 down 0.25, GPK: 426.00 up 1.00, BLT 1744 down 61.00 RDSA: 2056 up 24.00, RDSB: 2046.00 up 28.00, RDSD: 29.63 down 9.58.
New York Stock Exchange:
XOM: 92.13 up 0.78
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