Falklands : Hydrocarbons Daily Record Thursday, 27 March 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.03.2008 (Article Archived on 11.04.2008)
Blame it on Basra – the price of crude has jumped again today due to the potential loss of fuel storage in the southern Iraqi city.
HYDROCARBONS DAILY RECORD THURSDAY, 27 MARCH 2008
By J. Brock (FINN)
At 1900hrs LMT on Thursday, 27 March 2008 Light Sweet Crude was trading at 107.58 up $1.68 on the New York Mercantile Exchange. Brent Crude was trading at $106.59 up $1.01 on London’s ICE Futures Market.
Blame it on Basra – the price of crude has jumped again today due to the potential loss of fuel storage in the southern Iraqi city. Regardless of what has been said to the contrary, people are finding alternatives for energy generation and transport. There are more new drivers who cannot afford to pay for a vehicle, let alone gasoline to fill it up. These people will be spending any cash they have on practical energy not containing hydrocarbons. Demand will go down as people cannot afford $3.00 gasoline, let alone higher fill up costs.
US crude oil futures ended higher for the third consecutive day on Thursday, fueled by a rally in heating oil futures and as traders remained edgy over a major oil pipeline explosion in Iraq. On the New York Mercantile Exchange, crude for May delivery settled up $US1.68, or 1.59 per cent, at $US107.58 a barrel. US crude oil futures ended higher for the third consecutive day on Thursday, fueled by a rally in heating oil futures and as traders remained edgy over a major oil pipeline explosion in Iraq. On the New York Mercantile Exchange, crude for May delivery settled up $US1.68, or 1.59 per cent, at $US107.58 a barrel.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday 26 March 2008.
TLW: 660.50 up 3.00, DES: 74.50 up 2.00, FOGL: 124.00 unchanged RKH: 78.50 down 1.00, BOR: 65.50 up 3.00 PRE: 12.50 up 0.50, GBP: 7.50 unchanged GPK: 389.00 unchanged, BLT 1473.00 up 23.00 RDSA: 1705.00 up 2.00 RDSB: 1663.00 up 6.00
New York Stock Exchange:
XOM: 86.20 down 0.06 (USD)
THE MARKETS (26/03/08)
FTSE100: 5,717.50 up 57.11, FTSE250: 9,982.00 up 225.93 SmallCap: 3,032.50 up 27,59
DJI: 12,302.46 down 120.40 NASDAQ: 2,280.83 down 43.53 S&P500: 1,325.76 down 15.37
(Related Story – Dow Jones)
Stocks turned in their second straight loss today, dragged lower by tech issues following a disappointing revenue growth report from Oracle. The Dow industrials finished with a loss of 120 points, the Nasdaq composite index was down more than 43 points and the S&P 500 dropped 15 points.
Austin Developments (TSX VENTURE:AUL) ("Austin") and its Joint Venture Partners are pleased to announce that drilling, logging, and evaluation of the Morgan Highpoint # 3 "Discovery" Well has been completed.
The government will double state spending on resource exploration to 2020 to $23 billion with the focus on oil in eastern Siberia to ensure good replenishment of reserves and efficiency of key projects, Natural Resources Minister Yury Trutnev said Thursday.
(Argentina and Bolivia)
President Evo Morales has set a April 30 deadline for Bolivian subsidiaries of British Petroleum, Repsol YPF, and Ashmore Energy International to return to state control.
The three companies each own former parts of Bolivian state energy company YPFB that were privatized during the 1990s. Morales' 2006 nationalization of Bolivia's oil and gas sector requires those subsidiaries be sold back to the state.
The Bolivian government announced Thursday it would give a time limit up to April 30, to recuperate four oil enterprises by means of purchasing stocks valued in 200 million dollars, local press media said here Thursday.
Bolivia's government said on Thursday it set an April 30 deadline to take control of four energy companies as part of a nationalization drive begun in 2006, buying company shares worth at least $200 million.
(Brazil and Venezuela)
Recife, Brazil: Venezuela's government is prepared to provide billions of dollars to help build a Brazilian refinery that will process Venezuelan crude when it starts operating in 2010, President Hugo Chavez said.
But after he met with Brazilian President Luiz Inacio Lula da Silva on Wednesday, plans by the two nations for expanded energy co-operation - with the refinery as an example - seemed nebulous at best.
President Hugo Chávez Thursday announced form Brazil that a partnership agreement between Petróleos de Venezuela (Pdvsa) and Petrobras was signed.
Lula told a meeting of Brazilian and Mexican businessmen in Brazil's north-eastern city of Recife that he had pitched the idea to Mexican President Felipe Calderon, but provided no clues about his reaction.
Officials with Colombia's National Hydrocarbons Agency are in Houston this week to drum up interest in more than 4,800 square miles of land the agency hopes to lease for oil and natural gas exploration this fall. It's the first stop on a tour — Calgary, Alberta and London are next — during which Colombian geologists will share data with prospective bidders in the hopes of bolstering the nation's energy revenue.
Chevron Corp. said Wednesday it expects to defeat Ecuador in litigation over who should pay for any eventual environmental cleanup in the Amazon region.
"Chevron ultimately expects to defeat the unfounded claims at issue in this litigation, whether in the courts of Ecuador or in some other tribunal that will hold Ecuador to account for its flagrant failure to live up to its legal commitments and its disregard for the rule of law," said Kent Robertson, a Chevron spokesman.
OPEC nation Venezuela is not interested in a further rise of oil prices although a credit crisis in the United States is making stability difficult, Venezuelan President Hugo Chavez said on Thursday.
Speculation is ripe that Oil Company representatives will be visiting the Falklands in May to discuss logistics for the up and coming drilling round. Nothing is firm but HDR will keep an ear to the ground.