Falklands : HYDROCARBONS DAILY RECORD (29 OCTOBER 2007)
Submitted by Falkland Islands News Network (Juanita Brock) 30.10.2007 (Article Archived on 13.11.2007)
What good is $100.00 crude if customers can’t afford to pay for its products? We are about to find out.
HYDROCARBONS DAILY RECORD (29 OCTOBER 2007)
By J. Brock (FINN)
CRUDE PRICES Monday, 29 October 2007:
Light Sweet Crude traded at $93.53 up $1.67 on the New York Mercantile Exchange. Brent Crude was trading at $89.57 up 88 Cents on London’s ICE Futures Market.
ANALYSIS:
Though stormy weather in the Gulf of Mexico, the weak dollar, supply concerns and some geopolitical issues played a part, the high price of crude is caused by greed. It isn’t the person struggling to keep his bills paid who is making anything off crude’s prices. Yes, the market wants to know what $100.00 crude is like. Consumers in the low to middle income groups already know what $60.00 oil is like; they suffered through $70.00 crude and fell by the wayside when $80.00 crude was announced. Winter is about to strike the Northern Hemisphere and crude is pointing north as well. What good is $100.00 crude if customers can’t afford to pay for its products? We are about to find out.
THE MARKETS:
FTSE 100: 6,706.00 up 44.66, FTSE250: 11,552.80 up 43.17, SmallCap: 3,868.90 up 17.34
DJI: 13,870.36 up 63.56, NASDAQ: 2,817.44 up 13.25, S&P500: 1,540.98 up 5.70
REGIONAL DEVELOPMENTS:
Due to the heavy demand for gas in Argentina, as well as other external markets, Bolivia’s government has asked hydrocarbons companies in the country to focus on and accelerate gas production. Though it will take time, the companies are expected to rise production to meet demand. Some results may be seen by the next Southern winter.
(100X Translation Service)
(Venezuela)
Several Latin American newspapers report that Venezuela is set to clamp down on foreign investors, especially in the hydrocarbons industry. The country’s legislative body, the National Assembly, is concentrating its efforts on Article 301, which allows the state to reserve the right to use trade policy to defend and promote the economic activities of Venezuelan companies ranging from state corporations to social collectives. The text now stresses that foreign individuals, companies and organisations would not get any benefits other than those established for national ones. The legislation includes a prohibition against any attempt in the future either partly or totally to privatize the state oil corporation, Petroleos de Venezuela (PDVSA).
(100X Translation Service)
RELEVANT SHARE PRICES:
(1800 LMT)
London Stock Exchange:
TLW: 636.00 up 6.00 DES: 27.50 down 0.75, FOGL: 142.00 unchanged, RKH: 46.00 unchanged, BOR: 37.50 unchanged, PRE: 14.00 unchanged, GBP: 10.25 unchanged, GPK: 425.00 unchanged, BLT 1865.00 up 22.00 RDSA: 2139 up 11.00, RDSB: 2134.00 up 13.00, RDSD: 39.21 unchanged.
New York Stock Exchange:
XOM: 93.61 up 1.40
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