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Falklands : Hydrocarbons Daily Record Sunday, 08 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 09.06.2008 (Article Archived on 23.06.2008)

As expected speculators buying crude futures have brought the price of hydrocarbons products to al all time high. Crude on Friday added almost $11.00 per barrel to close at yet another all time high briefly touching $139.00 prior to settling back to $138.54. This time the panic buying has been caused by geopolitics, with fears that Israel might bomb a nuclear facility in Iran.

HYDROCARBONS DAILY RECORD SUNDAY, 8 JUNE 2008

By J. Brock (FINN)

At 1930hrs LMT on Friday, 06 June 2008 Light Sweet Crude was trading at $138.54 up $10.75 on the New York Mercantile Exchange.  Brent Crude was trading at $137.96 up $10.42 on London’s ICE Futures Market.

ANALYSIS:

As expected speculators buying crude futures have brought the price of hydrocarbons products to al all time high.  Crude on Friday added almost $11.00 per barrel to close at yet another all time high briefly touching $139.00 prior to settling back to $138.54. This time the panic buying has been caused by geopolitics, with fears that Israel might bomb a nuclear facility in Iran.

OPEC quite rightly is not increasing production because the price for the product is so high that most of us are struggling to pay for what little we use.  Seeing that most people understand that going into debt for a tank of gas is a non starter, demand will go down considerably this summer.  Asian governments are also cutting fuel subsidies substantially.

Even in the US demand for more fuel efficient vehicles has caused some automotive plants to scale back or close down altogether.

Already the enquiries and purchases of vehicles using alternative fuel have jumped exponentially from where they were last year at this time and Shell are helping to meet this demand by placing hydrogen fill up points of at least one of their fill-up stations in the United States with many more planned as hydrogen vehicles become more popular.  Already there are other fuel stations with hydrogen points as people begin to realise the crude swindle won’t go away any too soon.

RELATED ARTICLES:

Oil set a new record after a bevy of high predictions and negative news spurned an already sensitive market.  The latest rise seems to have been driven by a report from Morgan Stanley

http://www.forbes.com/commodities/2008/06/06/oil-energy-update-markets-comm-cx_cg_0606markets27.html

(Fuel Price Increases)

Much has been written lately about the causes for the increase in oil prices. As OPEC point out, demand and supply are much in balance and oil stocks are reasonably high, so the causes are a puzzle.

http://www.petroleumworld.com/Lag08060901.htm

SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET:  Friday, 06 June 2008.

 

TLW: 900.50 up 6.50, DES:  96.00 up 2.25, FOGL: 155.00 unchanged RKH:  99.75 up 0.25, BOR: 108.50 up 0.50 PRE:  14.25 down 0.25, GBP: 8.63 unchanged, GPK: 418.00 unchanged, BLT 1878.00 down 22.00, RDSA: 2097.00 up 5..00 RDSB: 2055.00 up 9.00.

 

New York Stock Exchange:

 

XOM:  87.32 down 1.99 (USD)

 

THE MARKETS (06/06/08)

 

FTSE100: 5,906.80 down 88.54, FTSE250: 9,834.30 down 175.88 SmallCap: 3,086.60 down 22.47

 

DJI: 12,201.42 down 403.03 NASDAQ: 2,474.56 down 75.38 S&P500: 1,360.44 down 43.61

 

US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 30/05/08

http://tonto.eia.doe.gov/oog/info/twip/twip.asp

 

INTERNATIONAL DEVELOPMENTS

 

(Iraq)

 

Iraq intends to sign Technical Support Agreements (TSAs) with foreign oil majors by the end of June to add an eventual 500,000 barrels per day (bpd) in output capacity, a specialist newsletter quoted the oil minister as saying.

 

http://economictimes.indiatimes.com/News/International_Business/Iraq_to_sign_deals_with_foreign_oil_firms_this_month_MEES/articleshow/3111429.cms

 

 

(North Sea Oil)

Rising North Sea oil production was a significant factor in keeping oil prices under control in the 1970s, 80s and 90s. Production peaked at 6.4 million barrels per day in 2000 and since then, declining North Sea Oil production is one significant reason that oil prices are now rising exponentially.

http://europe.theoildrum.com/node/4112

 

REGIONAL DEVELOPMENTS:

(Bolivia)

Santos Ramirez, president of Yacimientos Petroliferos Fiscales Bolivianos (YPFB), said the company became state-run on May 1, following an accord with ...

Note:  This item requires registration

http://www.plenglish.com.mx/article.asp

(Brazil)

Brazil's state-owned Petroleo Brasileiro SA (Petrobras) will decide in July where it plans to locate the country's third regasification terminal, according to a senior company official.

http://www.ogj.com/display_article/330948/7/ONART/none/Trasp/1/Petrobras-to-decide-LNG-terminal-location-in-mid-July/

 

Brazilian supplier Petrobras Bunkering temporarily stopped trading earlier today to revise its prices (see story link), and another Americas supplier told ...

Note:  This item requires subscription

http://www.bunkerworld.com/news/2008/06/71956

(Chile)

Keppel AmFELS and Diamond Offshore Drilling Inc. christened Ocean Scepter, a newly completed oil rig, at the Port of Brownsville on Saturday.

http://www.redorbit.com/news/business/1422200/captains_of_industry_executives_christen

_ocean_sceptor_oil_rig/

(Venezuela)

Two Venezuelan citizens linked to the frustrated attempt to illegally introduce a suitcase with 800.000 US dollars to Argentina have an international Interpol arrest warrant following on a request from the Argentine judge who has the case.

http://www.petroleumworld.com/story08060616.htm

LOCAL DEVELOPMENTS:

6 June 2008

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board of Global Petroleum Limited ("the Company") is pleased to announce that Mr Shane Cranswick has been appointed as non-executive Director of the Company with immediate effect. 

Mr Cranswick, aged 29, is a member of the Institute of Chartered Accountants, the Institute of Chartered Secretaries and the Financial Services Institute of Australasia. He commenced his career with an international Chartered Accounting firm and has since worked in the role of Company Secretary and Chief Financial Officer for a number of listed companies that operate in the resources sector. 

Mr Cranswick's current directorships comprise:  

Black Swan Capital Pty Ltd

Black Swan Superannuation Pty Ltd

Dampier Oil Limited 

Echelon (Iron Ore) Pty Ltd

Echelon Holdings Pty Ltd

Garden Salad Pty Ltd

Latitude Energy Pty Ltd

Sherbert Investments Pty Ltd

Mr Cranswick's directorships in the last five years comprise:

Montage Petroleum Pty Ltd

Ashmore Oil Pty Ltd

Eclipse Mining Pty Ltd

Mantra Resources Limited

PEL Iron Ore Pty Ltd

STI Services Pty Ltd

Stirling Products Limited

West Oil (Carnarvon) Pty Ltd

ZOCA Pty Ltd

Mr Cranswick will continue in the role of Company Secretary for the Company.

Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.

Mr Cranswick has notified the Company that he has an interest in 110,000 ordinary shares in the Company. His interest is held through Black Swan Superannuation Pty Ltd as trustee for Black Swan Superannuation Fund of which Mr Cranswick is a director and beneficiary.

This information is provided by RNS

The company news service from the London Stock Exchange

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

 

 

This article is the Property and Copyright of Falkland Islands News Network.

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