Falklands : Hydrocarbons Daily Record Wednesday, 11 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 12.06.2008 (Article Archived on 26.06.2008)
This begs the question – why buy in more crude at expensive prices when demand for its products is going down?
HYDROCARBONS DAILY RECORD WEDNESDAY, 11 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 11 June 2008 Light Sweet Crude was trading at $136.38 up $5.07 on the New York Mercantile Exchange. Brent Crude was trading at $136.05 up $5.03 on London’s ICE Futures Market.
ANALYSIS:
Fear and speculators are helping to drive the price of hydrocarbons products through the roof.
Gasoline stocks are what people really worry about and they increased 1 Million barrels to 210.1 Million Barrels from what they were last week. What’s more, in 2007, at this time, when geopolitics dominated the news, the hurricane season was upon us and our economy was better, with crude at approximately $65.00 per barrel, gasoline stocks were at 201.5 Million Barrels. This shows that the demand for gasoline has decreased by 8.6 Million Barrels from last year at this time. This begs the question – why buy in more crude at expensive prices when demand for its products is going down?
There should be an award for buyers with the common sense to know when they are being hoodwinked.
RELATED ARTICLES:
Could Oil Reach $250 a Gallon? (SustainableBusiness.com News)
http://www.sustainablebusiness.com/index.cfm/go/news.display/id/16201
This item goes on to describe gallons as barrels.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 11 June 2008.
TLW: 929.50 down 9.00, DES: 88.00 down 6.50, FOGL: 155.50 down 0.50 RKH: 95.50 down 5.50, BOR: 101.50 down 2.75 PRE: 13.50 unchanged, GBP: 8.50 unchanged, GPK: 403.00 unchanged, BLT 1791.00 down 34.00, RDSA: 2094.00 unchanged RDSB: 2059.00 up 11.00.
New York Stock Exchange:
XOM: 87.89 down 1.18 (USD) – Tuesday’s price
THE MARKETS (11/06/08)
FTSE100: 5,723.30 down 104.02, FTSE250: 9,423.10 down 203.43 SmallCap: 2,993.70 down 46.54
DJI: 12,083.77 down 205.99 NASDAQ: 2,394.01 down 54.03 S&P500: 1,335.49 down 22.95
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 06/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
Canada's Addax Petroleum (AXC.TO: Quote, Profile, Research) said on Wednesday it had taken a 40 percent interest in the oil prospecting licence (OPL) 227 offshore Nigeria operated by a local energy company.
http://uk.reuters.com/article/oilRpt/idUKL1180091420080611
Stelmine Canada Ltd. (TSX:STH) stock more than tripled Monday after the company said it will acquire a 100 per cent interest in a mining licence covering 34,000 hectares of land in the Gaspesia hydrocarbons area in Quebec.
http://canadianpress.google.com/article/ALeqM5heEy1slVxIJ-c02qTANIjz3LUoDQ
Toronto-listed Caspian Energy Inc. said initial test results from the Baktygaryn 703 well in Kazakhstan, found no reservoir quality rocks at target depth, but added that it will continue to drill to up to 2,500 metres before making a decision on the well.
http://www.hemscott.com/news/static/tfn/item.do?newsId=64888366793025
REGIONAL DEVELOPMENTS:
(Argentina)
Argentine state energy company Enarsa will begin selling data packages for its first offshore exploration and production round on July 10 from its offices in Buenos Aires, BNamericas reported. Data packages for blocks E4 and E5 will cost US$120,000, while packages for the other seven blocks (E6-12) will cost US$70,000 each. Offers are due from Aug. 8 through Nov. 4, when technical offers will be opened. Economic offers will be opened on Dec. 1, according to Enarsa.
http://www.energycurrent.com/index.php?id=2&storyid=11115
Heavily invested in the oil and cement industries, as well as mining and steel, textiles, cosmetics, banks, food and beverages, Brazilian capital is edging Europe out of pole position in foreign direct investment (FDI) within Argentina.
http://www.ipsnews.net/news.asp?idnews=42743
(Bolivia)
State-run oil firm YPFB (Yacimientos Petrolíferos Fiscales Bolivianos) is considering to implement a refrigerant gas production project to boost environmental-friendly hydrocarbon industrialization.
http://www.plenglish.com/article.asp?ID=%7B0A061CF5-BC44-4122-9C31-38562BDA455A%7D&language=EN
(Brazil)
Brazilian oil and gas company, Petrobras, is due to receive three Rolls-Royce RB211-G62 electrical generating sets for its new Caraguatatuba gas receiving and treatment station in the fourth quarter of this year.
http://www.edubourse.com/finance/actualites.php?actu=42128
(Brazil and Venezuela)
Brazil's state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research) said on Tuesday it would build new refining capacity in the northeastern state of Rio Grande do Norte.
http://www.reuters.com/article/marketsNews/idUSN1040060020080611
(Colombia)
Colombia's state oil company Ecopetrol is considering participation in domestic ethanol projects, a company spokesperson told BNamericas.
http://www.energycurrent.com/index.php?id=3&storyid=11143
(Ecuador)
Ecuador's state oil company has cut its 2008 production estimate by 8 percent, blaming the decline on dwindling supply at existing wells. Petroecuador said Tuesday that output will be 62.3 million barrels this year, an average of 171,000 barrels a day.
http://www.pr-inside.com/state-run-petroecuador-lowers-estimated-yearly-r636136.htm
LOCAL DEVELOPMENTS:
Short term, there's no doubt that oil at $250 a barrel would be as traumatic a shock to the world's economic system as anything that has been thrown at it since the end of the Second World War. It would be worse than the oil shocks of 1973 and 1979.
http://www.independent.co.uk/news/business/comment/sean-ogrady-the-global-economy-will-have-to-adjust-ndash-and-it-will-844218.html
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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