By J. Brock (FINN)
At 1900hrs LMT on Wednesday, 07 May 2008 Light Sweet Crude was trading at $123.53 up $1.69 on the New York Mercantile Exchange. Brent Crude was trading at $122.32 up $2.01 on London’s ICE Futures Market.
Analysts seem baffled as to why, when supplies are good, the price of crude goes sky high. We wait and see if the good supply is due to weakening demand from newly poor would be road users who have been assaulted once too often at the pump. Also, could it be refinery capacity that affects the amount of crude in stock. The lower the capacity, the more crude is waiting to be processed. Why process the crude if fewer people are buying the end products?
HDR sees a demand for gasoline this summer but sees the affect of high crude prices on that demand.
Oil futures rose to a new record Wednesday, then seesawed after the Energy Department offered a mixed picture of the nation's petroleum supplies. At the pump, gas prices rose for the first time since last week.
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
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 07 May 2008.
TLW: 920.50 down 23.00, DES: 87.00 down 1.00, FOGL: 147.00 up 2.00, RKH: 97.00 down 2.00 BOR: 71.00 down 4.50, PRE: 11.50 unchanged, GBP: 7.50 unchanged GPK: 389.00 unchanged, BLT 1948.00 up 75.50 up 4.50 RDSA: 2072.00 up 28.00 RDSB: 2063.00 up 26.00
New York Stock Exchange:
XOM: 88.52 down 1.25 (USD)
THE MARKETS (06705/08)
FTSE100: 6,261.00 up 45.75, FTSE250: 10,448.60 up 119.63, SmallCap: 3,216.60 up 16.59
DJI: 12,814.35 down 206.48 NASDAQ: 2,438.39 down 44.82 S&P500: 1,392.57 down 16.59
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 02/05/08
Newfield Exploration Company (NYSE: NFX) today announced the signing of an agreement with ExxonMobil to jointly explore and develop approximately 87,000 gross acres in South Texas, targeting the prolific Vicksburg Trend. Newfield expects an active drilling program in the area over the next three years.
Nighthawk Energy Plc. said Jolly Ranch 16-1, the second well on its Jolly Ranch project in Lincoln County, Colorado, which is testing multiple objectives, has encountered hydrocarbons during drilling and said casing will be set to test the well.
Sugar Land C. Michael Ming, 281-313-9555 The Research Partnership to Secure Energy for America (RPSEA) today announced that eight proposals have been selected for negotiations leading to an award under the Ultra-Deepwater (UDW) Program. This program is focused on increasing the supply of natural gas and other petroleum resources in the U.S. in an environmentally responsible way.
Reports have emerged that Shell and Repsol-YPF are devising exit strategies from Iran's $10 billion Persian LNG scheme at the offshore South Pars field. The decision has been put down to the poor Iranian political climate, with the two majors hoping to leave without damaging ties with the country's beleaguered energy industry.
Franklin Mining, Inc. (PINKSHEETS: FMNJ) Chairman and CEO, William A. Petty, confirms that he has reached, on behalf of the Franklin Mining, Inc. Board of Directors, an agreement in principle by which the company will sell their 51% ownership in Franklin Oil & Gas, Bolivia S.A. and their 51% ownership in Franklin Oil & Gas, Argentina S.A. to a U.S.-based oil exploration and production company.
But it may need to start building its own deep-water drilling rigs or form a strategic alliance to get more rigs if the company is to unlock the potential of its vast offshore fields, Petrobras CEO Jose Sergio Gabrielli De Azevedo said during a news conference at the Offshore Technology Conference in Houston.
Colombia's state-owned oil company Ecopetrol SA ( ECOPETROL.BO) Tuesday resumed pumping oil through its Cano Limon-Covenas pipeline after suspending operations on April 29 following an attack on the pipeline, a company official said.