Falklands : Hydrocarbons Daily Record Thursday, 06 November 2008
Submitted by Falkland Islands News Network (Juanita Brock) 07.11.2008 (Article Archived on 21.11.2008)
Crude prices declined today on the economy and rightful concern that demand will fall even further. Demand declines because people have either sought alternatives to hydrocarbons products or have been too poor to afford them.
HYDROCARBONS DAILY RECORD THURSDAY, 06 NOVEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 06 November 2008 Light Sweet Crude was trading at $60.94 down $4.36 on the New York Mercantile Exchange. Brent Crude was trading at $57.43 down $4.44 on London’s ICE Futures Market.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 31/10/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
ANALYSIS:
Crude prices declined today on the economy and rightful concern that demand will fall even further. Demand declines because people have either sought alternatives to hydrocarbons products or have been too poor to afford them.
Production is a factor in crude prices and in some cases it slows because there is nothing to pump. The real threat to North Sea Oil isn’t the price but the fact that production has slowed down to the point where non-productive wells are being capped.
From OPEC’s point of view cutting production means rising prices per barrel. From the people’s point of view, there is resignation that until product prices come down there will be no need to buy them.
Someone’s got to give in.
RELATED ARTICLES:
(OPEC)
OPEC may lower its oil production by 1.1 million barrels per day (bpd) by January, falling short of the 1.5 million bpd planned cut the producer group announced late last month, the US Energy Information Administration said on Wednesday.
http://www.gulfnews.com/business/Oil_and_Gas/10257503.html
(Crude Prices)
Oil prices on Thursday tumbled under 58 dollars a barrel, reaching the lowest level for nearly 21 months as recession fears gripped markets, traders said.
http://afp.google.com/article/ALeqM5gDl2X6BFff3tpWWZzGREgDrJ9l3Q
AIM: 11/06/08
TLW: 535.50 down 20.50, DES: 32.00 down 4.75, FOGL: 82.00 down 4.00 RKH: 27.00 down 4.00 BOR: 25.00 up 6.00, BPC: 3.00 unchanged, PRE: 9.75 down 0.50 GBP: 5.63 up 0.13, GPK: 285.00 unchanged, BLT 969.00 down 171.00 RDSA: 1642.00 down 132.00, RDSB: 1647.00 down 125.00
NYSE: 11/06/08
XOM: 69.96 down 3.73 (Trading in USD)
MARKETS: 11/06/08
FTSE100: 4,530.73 down 108.77, FTSE250: 6,757.46 down 21.24, SmallCap: 2,028.21 down 0.02
DJI: 8,695.79 down 443.48, NASDAQ: 1,608.70 down 72.94, S&P500: 904.88 down 47.89
INTERNATIONAL DEVELOPMENTS:
(Canada)
Despite economic turmoil in the United States and a forecast that New Brunswick's GDP growth will slide next year, the head of a major project in the province is very positive about selling to the New England market.
http://nbbusinessjournal.canadaeast.com/journal/article/471075
(Caribbean)
The first of its kind, providing a comprehensive assessment of the contribution of marine businesses to the UK economy, the report was researched and written in conjunction with Associated British Ports and Oil & Gas UK.
http://www.maritimejournal.com/archive101/2008/november/online_news/uk_marine_economy_contributes_50bn_to_annual_gdp
(Libya)
Verenex Energy Inc. ("Verenex" or the "Company") (TSX - VNX) is pleased to provide an update of its operational activities in Area 47 in Libya and to advise that two high impact new field wildcat ("NFW") exploration wells H1 and I1-47/02 in Block 2 have been drilled and cased.
http://www.newswire.ca/en/releases/archive/November2008/06/c5682.html
(New Zealand)
An environmental time-bomb is ticking in the Nevis Valley.
http://www.odt.co.nz/the-regions/central-otago/30750/nevis-oil-shale-plan-prompts-concerns
(North Sea Oil)
Billions of pounds of investment in the North Sea is under threat because of plunging crude prices, the impact of the credit crunch and soaring costs, oil industry chiefs said this week
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article5093309.ece
REGIONAL DEVELOPMENTS:
(Brazil)
Brazilian engineering company Nuclep has delivered to the Brasfels shipyard the first three structural blocks for the hull of Petrobras' P-56 oil platform, BNamericas reports.
http://www.energycurrent.com/index.php?id=2&storyid=14178
(Chile)
Chile is set to add 300 MW of renewable energy generating capacity, across a series of projects, by the end of 2009 almost doubling the size of the sector from 347 MW in 2007, the county's energy minister Marcelo Tokman said Thursday.
http://www.petroleumworld.com/story08110615.htm
(Venezuela)
Although OPEC announced production cuts of 1.5 million barrels per day last month, the oil price has failed to rebound, with the markets anticipating falling oil demand arising from the international financial and economic crises. In Venezuela, this has put pressure on both the government and state oil company PDVSA.
http://www.forbes.com/energy/2008/11/05/oil-venezuela-pdvsa-cx_1106oxford.html
LOCAL DEVELOPMENTS:
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
IMPORTANT LINK:
http://www.onegeology.org/
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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