Falklands : Hydrocarbons Daily Record Wednesday, 30 January 2008
Submitted by Falkland Islands News Network (Juanita Brock) 31.01.2008 (Article Archived on 14.02.2008)
Crude prices increased again today despite the 100,000 per day OPEC production increase.
HYDROCARBONS DAILY RECORD WEDNESDAY, 30 JANUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 30 January 2008 Light Sweet Crude was trading at $91.90 up 26 Cents on the New York Mercantile Exchange. Brent Crude was trading at $92.33 up 69 Cents on London’s ICE Futures Market.
ANALYSIS:
Now that interest rates have lowered there is a traditional rush to kill by those who want to cash in on the good news. Crude fell victim to this and prices increased today. People buying the end product are already falling victim to higher prices, not only for fuel but also everything from canned goods to spare parts. They are not going to keep paying ratcheted up prices for long. Analysts know that prices hovering around $90.00 per barrel are extortionately high and feel that prices between $45.00 and £60.00 are more like it.
Increasing production is supposed to lower cruse prices but when OPEC increased its production by 100,000 barrels in January it was so low key that prices didn’t waver.
A BRIEF INVENTORY REPORT FOR THE WEEK ENDING 25 JANUARY 2008:
Crude: 288.7 million barrels up 3.6 million barrels
Gasoline: 284.7 million barrels up 3.6 million barrels
Distillates: 125.9 million barrels down 1.5 million barrels
Refinery Capacity: 85% down 1.5%
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 30 January 2008.
TLW: 570.00 up 5.00, DES: 27.75 unchanged, FOGL: 119.50 up 1.00, RKH: 49.75 down 0.25, BOR: 42.00 unchanged, PRE: 14.00 unchanged, GBP: 7.36 up 0.25, GPK: 435.00 unchanged, BLT 1446.00 down 3.00, RDSA: 1789.00 down 19.00, RDSB: 1745.00 down 41.00, RDSD: 39.21 unchanged (Trading in Euros)
New York Stock Exchange:
XOM: 85.28 up 0.20 (Trading in USD)
THE MARKETS
FTSE100: 5,837.30 down 47.94, FTSE250: 9,908.50 up 3.07 SmallCap: 3,133.90 down 7.44.
DJI: 12,442.83 down 37.47, NASDAQ: 2,349.00 down 9.06, S&P500: 1,355.81 down 6.49
INTERNATIONAL DEVELOPMENTS:
(Iran and Brazil)
Iran is in ``talks'' with Brazil's state-controlled oil company Petroleos Brasileiros SA for exploration work offshore in the Caspian Sea, Iran Daily reported, citing a top Iranian energy official.
http://www.bloomberg.com/apps/news?pid=20601086&sid=ae.L9d8JaiMo&refer=latin_america
REGIONAL DEVELOPMENTS:
(South America General)
Fitch Ratings issued its 2008 Latin America Oil and Gas Outlook. The special report highlights the region's national oil companies and their performance amidst the bull market in crude oil.
http://www.pr-inside.com/latin-american-oil-amp-gas-r413888.htm
(Argentina)
Pan American Energy, Argentina's second-leading oil producer, said Tuesday it has found 100 million barrels in new oil reserves at a Patagonian field, marking a slight boost for the nation.
http://www.businessweek.com/ap/financialnews/D8UFP9V80.htm
BNAmericas reports that the Inter-American Development Bank (IDB) has launched a tender to study the potential of a liquefied natural gas (LNG) re-gasification plant that would supply Argentina and Uruguay.
http://www.energycurrent.com/index.php?id=3&storyid=8513
(Brazil)
Hemispheric energy security requires unprecedented cooperation. From market access, efficiency, technology transfer and research to infrastructure and investment, a diverse array of government and private sector actors will need to come together to see through policy changes. For this, Brazil may offer an important example. Its bio-fuel industry, which already supplies the entire domestic market, is expanding globally and may help to advance energy security and promote sustainable development across the region.
http://www.as-coa.org/article.php?id=538
Brazil’s long-anticipated ninth oil and gas licensing round came with some surprises, as the supermajors declined to compete for the 271 blocks on offer and the home-country favourite, Petrobras, did not come out the big winner. That honour went to OGX Petroleo e Gas Participacoes, a largely unknown company that spent roughly $800 million to buy rights to 21 offshore areas. The company took a fair share of blocks in the promising Campos and Santos basins.
http://www.energytribune.com/articles.cfm?aid=774
(Ecuador)
Ecuador's average oil output was 509,119 barrels a day between January and November of last year, down 5% from 537,949 barrels a day in the same period of 2006, the Central Bank said Wednesday.
http://money.cnn.com/news/newsfeeds/articles/djf500/200801301240DOWJONESDJONLINE000704_FORTUNE5.htm
(Venezuela)
This year both the Venezuelan Executive Branch and the state-run oil conglomerate Petróleos de Venezuela (Pdvsa) have to face a number of debt maturities.
http://english.eluniversal.com/2008/01/30/en_eco_art_pdvsa,-govnt-face-d_30A1338405.shtml
LOCAL DEVELOPMENTS:
Shares relevant to Falklands exploration are for the most part holding steady or increasing slightly amid a volatile market. We await the arrival of a rig or drill ship by the end of 2008 and are preparing to host our visitors from FOGL and BHP Billiton.
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk
|
