Falklands : Hydrocarbons Daily Record Tuesday, 22 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 22.07.2008 (Article Archived on 05.08.2008)
Crude prices declined today due to Hurricane “Dolly” missing refineries in the Gulf of Mexico.
HYDROCARBONS DAILY RECORD TUESDAY, 22 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 22 July 2008 Light Sweet Crude was trading at $127.95 down $3.09 on the New York Mercantile Exchange. Brent Crude was trading at $129.55 down $3.06 on London’s ICE Futures Market.
Crude prices declined today due to Hurricane “Dolly” missing refineries in the Gulf of Mexico. On HDR’s good list are the supermarket chains in the UK cutting the price of gasoline on their forecourts and encouraging others to do likewise. This puts a new twist on HDR’s assessment that the proper use of the word NO will help drive hydrocarbons product prices down. Supermarket chains are saying “We are not going to sell our gasoline at such high prices anymore.”
In many ways, they are doing what entities far up the hydrocarbons chain should be doing. It is hoped that the trend will continue and help to reduce hydrocarbons prices overall as people need a break from steadily rising gasoline prices.
(Gasoline Price War)
There was good news for beleaguered car owners today after a major supermarket slashed its fuel prices by 3p and urged others to do the same.
SOME GOOD news - a number of national supermarket chains and an oil company are to lower the price of fuel.
Oil prices tumbled to six-week lows on Tuesday as Tropical Storm Dolly looked set to avoid refineries and rigs in the Gulf of Mexico, traders said.
(Weather and Geopolitics)
Tumbling global oil prices may see further price falls at the petrol pump, but that is likely to be dependent on the ferocity of the forthcoming US hurricane season and perception of simmering tensions in the Middle East.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 22 July 2008.
TLW: 780.00 up 6.50, DES: 75.00 down 1.75, FOGL: 110.50 down 1.50 RKH: 72.25 up 2.25, BOR: 68.25 down 1.25 PRE: 12.25 unchanged GBP: 7.25.00 unchanged, GPK: 421.50 up 2.50, BLT 1618.00 down 28.00 RDSA: 1857.00 up 26.00, RDSB: 1838.00 up 30.00
New York Stock Exchange:
XOM: 82.84 down 0.14 (Trading in USD)
THE MARKETS (22/07/08)
FTSE100: 5,364.10 down 40.24 FTSE250: 8,982.60 down 62.89 SmallCap: 2,734.70 up 3.36
DJI: 11,602.50 up 135.16 NASDAQ: 2,303.96 up 24.43 S&P500: 1,277.00 up 17.00
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 11/07/08
Gas Naturel, Spain's leading gas supplier which is seeking to reduce its dependence on Algerian gas, said yesterday it had signed a deal with Russian state-owned gas monopoly Gazprom on liquefied natural gas projects.
Petroleo Brasileiro SA, Brazil's state-controlled energy company, found traces of oil and gas in an offshore well in the Espirito Santo Basin.
ONGC Videsh Ltd plans to bid for oil blocks in Ecuador jointly with PetroEcuador, its counterpart in that country. Ecuador will shortly put up seven blocks on auction including two offshore and five onshore blocks.
RS) will jointly conduct an evaluation of the Ayacucho-3 block in Venezuela's Orinoco basin with PdVSA, Gazprom said in a statement. ...
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