Falklands : Hydrocarbons Daily Record Monday, 05 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 06.05.2008 (Current Article)
Consternation between Bull and Bear markets, supply problems in Nigeria and Scotland and the weakening US Dollar are factors leading to a sharp increase in the price of crude today.
HYDROCARBONS DAILY RECORD MONDAY, 05 MAY 2008
By J. Brock (FINN)
At 1900hrs LMT on Monday, 05 May 2008 Light Sweet Crude was trading at $119.97 up $3.69 on the New York Mercantile Exchange. Brent Crude was trading at $117.99 up $3.43 on London’s ICE Futures Market.
ANALYSIS:
Consternation between Bull and Bear markets, supply problems in Nigeria and Scotland and the weakening US Dollar are factors leading to a sharp increase in the price of crude today. Bulls do it, Bears do it, even birdies in the air do it but I don’t allude to loving. It’s the other thing they do so well that causes damage to economies and people on a global scale.
Summer drive season is upon us and we wait to see whether demand will be less than it was last year as more people won’t be able to afford to take road trips like they did last year. Another factor to look for is the hurricane season that will begin in June.
Note: The sources for related articles come from a variety of websites so that readers can get as wide a selection of views as possible. HDR does not necessarily align itself with any of the views expressed
Related Articles:
Oil futures have surpassed the once unthinkable price of $120 a barrel
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD90FIDIO5
With problems relating to the British and Nigerian production processes, the supply of very light, sweet crude has declined somewhat in the market,
http://www.presstv.ir/detail.aspx?id=54385§ionid=3510213
Now that the price of crude oil has surged past $120 per barrel, let's revisit the December prediction of petroleum economist Philip Verleger, who said this was bound to happen and blamed the Bush administration's policy on the Strategic Petroleum Reserve.
http://www.usnews.com/blogs/beyond-the-barrel/2008/05/05/stockpiling-our-way-to-120-per-barrel-crude.html
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 05 May 2008.
TLW: 760.00, DES: 89.00, FOGL: 150.00, RKH: 99.00 BOR: 75.50, PRE: 11.50, GBP: 7.50 GPK: 389.00, BLT 1876.00 RDSA: 2028.00 RDSB: 2020.00
Note: The London Stock Exchange was closed for a bank holiday.
New York Stock Exchange:
XOM: 89.51 down 0.10 (USD)
THE MARKETS (02/05/08)
FTSE100: 6,215.50, FTSE250: 10,290.80, SmallCap: 3,204.60
DJI: 12,969.54 down 88.66 NASDAQ: 2,476.99 down 3.72 S&P500: 1,413.89 up 4.55
INTERNATIONAL DEVELOPMENTS:
(North Sea)
Hess is a large, independent oil and gas producer with upstream operations focused in four core regions: the North Sea; the United States, including the Gulf of Mexico; Africa; and Southeast Asia. At YE 2007, Hess' exploration and production operations included proved reserves of 1.330 billion boe. Hess also owns a 50% interest in the 500,000 barrel per day (bpd) HOVENSA joint venture refinery in the U.S. Virgin Islands and 100% of the 70,000-bpd Port Reading refinery in New Jersey.
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080505006422&newsLang=en
REGIONAL DEVELOPMENTS:
(Bolivia)
The Venezuelan government reaffirmed its support for the territorial integrity of Bolivia and the government of Evo Morales in the face of moves by rightwing oppositionists in the state of Santa Cruz, to hold an unconstitutional referendum on autonomy this Sunday, May 4.
http://www.globalresearch.ca/index.php?context=va&aid=8891
Exit polls in the eastern province of Santa Cruz show the referendum winning about 85 percent support, Bolivian television channels reported.
http://www.bloomberg.com/apps/news?pid=20601086&sid=azRvhS.RW70k&refer=latin_america
(Brazil)
-- Petroleo Brasileiro SA, Brazil's state-controlled oil company, plans to begin pumping crude from its 8 billion-barrel Tupi field in 2009, a year ahead of schedule, and to start its Carioca field in four to five years.
http://www.bloomberg.com/apps/news?pid=20601086&sid=afJofrpQE7J0&refer=news
Chile)
British Columbia, May 5 (Reuters) - Methanex Corp (MX.TO: Quote, Profile, Research) has signed a tentative deal with the Chilean state energy company to expand natural gas development off the coast of southern Chile, the methanol producer said on Monday.
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSN0540882020080505
Manas Petroleum Corp., a Baar, Switzerland based company, today announces its wholly owned subsidiary, Manas Energia limitada Chile (Manas) and Improved Petroleum Recovery Tranquillo Chile (IPR), has signed on April 30th a "Special Operating Contract" (CEOP) with the Chilean government in Santiago de Chile. The televised ceremony was chaired by the Chilean President Mrs. Michelle Bachelet. Under Chilean law the council of ministers must ratify the contract. This formality is expected to be completed during Q2 2008.
http://www.oilvoice.com/n/Manas_Petroleum_Signs_Special_Operating_Contract_For_Tranquillo_Block_in_Chile/9341e456.aspx
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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