Falklands : Hydrocarbons Daily Record Thursday, 08 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 09.05.2008 (Article Archived on 23.05.2008)
Increases in today’s crude prices are do to OPEC saying there is sufficient supply to meet demand.
HYDROCARBONS DAILY RECORD THURSDAY, 08 MAY 2008
By J. Brock (FINN)
At 1900hrs LMT on Thursday, 08 May 2008 Light Sweet Crude was trading at $123.69 up 16 Cents on the New York Mercantile Exchange. Brent Crude was trading at $122.46 up 27 Cents on London’s ICE Futures Market.
ANALYSIS:
Increases in today’s crude prices are do to OPEC saying there is sufficient supply to meet demand. What’s obvious is they are right. Increases in crude supplies in the US prove this point. It’s only savvy traders who can get better prices by implanting a little fear in buyers minds that makes the price go up. If buyers would only say that they refuse to purchase at these criminally high prices the price could level out and benefit the majority.
INTERNATIONAL DEVELOPMENTS
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday 08 May 2008.
TLW: 919.00 down 1.50, DES: 85.25 down 1.75, FOGL: 145.00 down 2.00 RKH: 93.50 down 3.50, BOR: 77.00 up 3.25 PRE: 10.75 down 0.75, GBP: 7.63 up 0.13 GPK: 389.00 unchanged, BLT 1997.00 up 57.00 RDSA: 2055.00 down 17.00 RDSB: 2037.00 down 26.00
New York Stock Exchange:
XOM: 89.88 up 1.06 (USD)
THE MARKETS (08/05/08)
FTSE100: 6,270.80 up 9.85, FTSE250: 10,549.80 up 101.20, SmallCap: 3,239.00 up 22.43
DJI: 12,867.11 up 52.76 NASDAQ: 2,451.24 up 12.75, S&P500: 1,397.68 up 5.11
INTERNATIONAL DEVELOPMENTS:
(Arabia and the United States)
Arabian American Development Co. (Nasdaq: ARSD) today announced financial results for the quarter ended March 31, 2008.
http://www.streetinsider.com/Press+Releases/Arabian+American+Development+Announces+First+Quarter+2008+Financial+Results/3625963.html
(Canada)
Canadian researchers hope algae offers them "la grande solution" to greenhouse gas emissions and the environmental havoc caused by oil extraction in the Alberta tar sands.
http://www.news.com/8301-11128_3-9939463-54.html
(Mexico)
Mexican Energy Minister Georgina Kessel said Mexico is making diplomatic contacts to ensure it retains its share of oil in cross-border Gulf of Mexico fields.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aieTm2EnMMG0&refer=latin_america
(Tunisia)
Tunisia's economy may grow 6.1 percent this year on increased foreign investment in the North African nation, a government official said.
http://www.bloomberg.com/apps/news?pid=20601116&sid=aaulbqavjFOY&refer=africa
(United States)
Researched by Industrial Information Resources (Sugar Land, Texas) -- The continuous catalytic reformer (CCR)
http://www.tradingmarkets.com/.site/news/Stock%20News/1519571/
REGIONAL DEVELOPMENTS:
(Brazil)
Petrobras is participating, from May 5 to 8, in Houston, Texas, in the Offshore Technology Conference (OTC), the world's biggest offshore oil industry event. In the 2008 edition, Petrobras will feature its experience in developing and applying technologies for the Roncador field, in the Campos Basin. In 2007, the OTC brought together more than 67,000 people and some 2,400 companies from more than 30 countries.
http://www.oilonline.com/news/headlines/internet/20080508.Petrobra.23067.asp
Fitch Ratings has today affirmed both the foreign currency and local currency Issuer Default Ratings (IDR) of Petrobras Energia S.A. (PESA, formerly Pecom Energia S.A.) at 'BB.' In addition, Fitch has affirmed PESA's National Scale rating at 'AA+(Arg)'. The Rating Outlook for all IDRs is Stable. The following issuances are affirmed at 'BB':
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080508006518&newsLang=en
(Chile)
Methanex Corp., Vancouver, BC, has signed an agreement with Chile's state-owned Empresa Nacional del Petroleo to accelerate natural gas exploration and development on the Dorado Riquelme exploration block and to supply new Chilean-sourced gas to Methanex's production facilities in the country
http://www.ogj.com/display_article/328238/7/ONART/none/ExplD/1/Methanex-seeks-Chilean-gas-as-Argentina-hikes-tax/
(Peru)
Peru’s government has dropped plans to open up uncontacted Indians’ reserves to oil exploration. The latest round of concessions, announced this week, do not include any of the uncontacted Indians’ reserves.
http://www.survival-international.org/news/3292
(Venezuela)
Venezuela's proven crude oil reserves had swelled to 130 billion barrels as of late April, marking a rise of 30 billion from its prior estimate, energy and oil minister Rafael Ramirez said Thursday
http://afp.google.com/article/ALeqM5ifzwXEgsREjFfzYM26MK1nJYChuA
LOCAL DEVELOPMENTS:
BHP Billiton could eventually sell about $US50 billion ($53.2billion) worth of assets in the wash-up after any successful takeover of Rio Tinto, based on the asset sales that came out ofBHP's merger with Billiton in2001.
http://www.theaustralian.news.com.au/story/0,25197,23667843-643,00.html
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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