Falklands : Hydrocarbons Daily Record Monday, 28 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.07.2008 (Article Archived on 11.08.2008)
Today’s crude price increases are due to worries about Iran’s nuclear Fuel enrichment programme and sabotage on two of Shell’s pipelines in Nigeria. In checking this out, it is true that Nigeria suffers from sabotage due to fuel theft as well as terrorism.
HYDROCARBONS DAILY RECORD MONDAY, 28 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 28 July 2008 Light Sweet Crude was trading at $124.73 up $1.46 on the New York Mercantile Exchange. Brent Crude was trading at $126.10 up $1.58 on London’s ICE Futures Market.
ANALYSIS:
Today’s crude price increases are due to worries about Iran’s nuclear Fuel enrichment programme and sabotage on two of Shell’s pipelines in Nigeria. In checking this out, it is true that Nigeria suffers from sabotage due to fuel theft as well as terrorism.
However, given the President of Iran’s statement today that his country was not producing a nuclear weapon threw some doubt on statements made to the contrary. One thing for certain, whenever people fear that Iran could nuke Israel the price of crude goes up. Perhaps if we quit the rhetoric and thought clearly, other excuses could be used to affect crude prices.
The jury is out about supply and demand. In the US more people are finding it difficult to purchase hydrocarbons products due to their increasing cost. Though crude prices have dipped recently, product prices will remain high unless recent losses can be maintained. Emerging markets do push up demand but higher prices have the same affect on them as they do in the US.
Given the increased popularity of alternative energy there is an emerging market for eco-friendly vehicles. Hopefully they will catch on for people who still have money to invest in them.
(Hybrid Vehicles)
Even the hydrocarbons rich UAE are importing hybrid vehicles.
http://www.zawya.com/Story.cfm/sidZAWYA20080728090147/secIndustries/pagAutomotive
Ten more green taxis have arrived in Dubai as part of an eco-friendly push to reduce harmful emissions, said the Roads and Transport Authority on Monday.
http://www.xpress4me.com/news/uae/dubai/20008810.html
RELATED ARTICLES:
(Iran Threats ?)
As President Bush hosted Pakistan's new prime minister at the White House Monday, it was Iran's president, interviewed by NBC's Brian Williams, who grabbed the spotlight.
http://www.wcsh6.com/news/national/story.aspx?storyid=90824&catid=45
Francis Boyle, Professor of International Law at the University of Illinois, proposes that Iran sue the United States, Britain, and Israel in the World Court, seeking the "international equivalent of a temporary restraining order" to compel the U.S. to abandon threats to attack.
http://www.huffingtonpost.com/robert-naiman/law-professor-iran-should_b_115422.html
(Supply and Demand)
A key American government report has concluded that fundamental factors rather than speculation have driven up oil prices.* A task force from the Commodity Futures Trading Commission (CFTC) has reached the preliminary conclusion that: "Current oil prices and the increase in oil prices between January 2003 and June 2008 are largely due to fundamental supply and demand factors".
http://www.fundstrategy.co.uk/cgi-bin/item.cgi?id=169951&d=11&h=312&f=311
(Nigeria)
Sabotage has slowed supply in Nigeria
http://afp.google.com/article/ALeqM5jj-6DF7LUf3TI0kV9Af2oJw0Sxeg
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 28 July 2008.
TLW: 747.50 up 20.50, DES: 72.75 down 2.25, FOGL: 114.50 down 3.00 RKH: 66.50 up 1.00, BOR: 64.00 down 2.50 PRE: 12.00 unchanged GBP: 7.13 down 0.13, GPK: 419.00 unchanged, BLT 1622.00 up 69.00 RDSA: 1833.00 up 8.00, RDSB: 1818.00 up 16.00
New York Stock Exchange:
XOM: 80.88 down 0.82 (Trading in USD)
THE MARKETS (28/07/08)
FTSE100: 5,312.60 down 39.96 FTSE250: 8,716.70 down 150.97 SmallCap: 2,719.10 down 20.64
DJI: 11,131.08 down 239.61 NASDAQ: 2,264.22 down 46.31 S&P500: 1,234.37 down 23.29
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 18/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Algeria)
Saipem SpA's engineering unit Snamprogetti SpA and Chiyoda Corp. won a 277 billion-dinar ($4.5 billion) contract to build a liquefied natural gas plant in Algeria, replacing Petrofac Ltd.
http://www.bloomberg.com/apps/news?pid=20601101&sid=aTO2YV6ZsN.I&refer=japan
(Papua Basin)
Currently preparing to complete Elk-4 as a gas and condensate producer. Additional testing across the total open hole interval will commence, following the setting of a 4 1/2 inch production string.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0419552.htm
(Russia and Venezuela)
This was my first meeting with President Hugo Chavez, and I am glad that it has taken place and has enabled us not just to make acquaintance but to discuss a great many issues. I therefore consider it to have been very productive.
http://www.isria.info/RESTRICTED/D/2008/JULY_31/diplo_28july2008_51.htm
REGIONAL DEVELOPMENTS:
(Argentina)
Indico Resources Ltd. (the "Company") (TSX VENTURE:IDI) announces that it has issued the initial tranche of 1 million shares to the vendor South American Hedge Fund LLC of its 18% carried interest in an Argentine joint venture exploring form oil and gas in Salta Province.
http://www.marketwire.com/press-release/Indico-Resources-Ltd-TSX-VENTURE-IDI-883372.html
(Bolivia)
On July 23 — one day after the right-wing opposition to Bolivia's first indigenous president, Evo Morales, demanded a referendum on the controversial issue of the nation's capital — the sole magistrate remaining on the Constitutional Tribunal called into question the constitutionality of the recall referendums set for August 10 that will determine the fate of Morales and eight out of nine of the sitting prefects (governors).
http://www.globalresearch.ca/index.php?context=va&aid=9683
(Brazil)
Petrobras has requested that Sevan Marine deepwater semisubmersible Sevan Driller be installed offshore Brazil for its first drilling program, rather than the Gulf of Mexico as initially agreed.
http://www.energycurrent.com/index.php?id=2&storyid=12120
(Ecuador and Venezuela)
Ecuador and Venezuela will make joint efforts to increase the output of the Sacha oil field from 40,000 barrels to 70,000 barrels per day, Ecuador's state oil company Petroecuador said Sunday
http://english.people.com.cn/90001/90778/90858/90864/6460670.html
(Peru)
Peru's state-owned Petroleos del Peru plans to invest some $50 million for an extension to the 852-km Norperuano crude oil pipeline that runs to the Pacific coast from fields in the northeastern jungle region.
http://www.ogj.com/display_article/335229/7/ONART/none/Trasp/1/Petroleos-del-Peru-to-loop-Norperuano-pipeline/
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
DISCLAIMER: 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.
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