Falklands : Hydrocarbons Daily Record Tuesday, 17 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 18.06.2008 (Article Archived on 02.07.2008)
Crude prices are slightly lower today due to reports of lowering demand and actions taken to target Wall Street speculators making exorbitant profits from high crude prices. HDR feels that there are enough people playing the stock market from their own computers to be another aspect of this problem.
HYDROCARBONS DAILY RECORD TUESDAY, 17 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 17 June 2008 Light Sweet Crude was trading at $134.01 down 60 Cents on the New York Mercantile Exchange. Brent Crude was trading at $133.72 down 99 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices are slightly lower today due to reports of lowering demand and actions taken to target Wall Street speculators making exorbitant profits from high crude prices. HDR feels that there are enough people playing the stock market from their own computers to be another aspect of this problem.
Quite rightly there are concerns about the US economy with reports of job cuts and belt tightening all around. Inflationary fuel and food prices are making it more difficult for people to pay other bills and there is a tight credit market. If people think they could go into debt to buy food or fuel they need to re-organise those thoughts..
RELATED ARTICLES:
(Wall Street Speculators)
Fed up with soaring oil prices and a chorus of people blaming Wall Street speculators, Congress is considering a host of rules aimed at limiting the inflow of investor money into oil contracts
http://money.cnn.com/2008/06/17/news/economy/oil_trading/?postversion=2008061714
(Lowering Demand)
Crude-oil futures closed lower Tuesday as concerns about the U.S. economy dampened the outlook for oil demand and traders bet that Saudi Arabia and other oil exporters will soon agree to boost production.
http://www.marketwatch.com/news/story/oil-futures-end-lower-concerns/story.aspx?guid=%7B8B3F368E-EAF4-43B7-AAA3-725011DCDCE8%7D&dist=msr_1
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 17 June 2008.
TLW: 907.50 up 8.50, DES: 86.75 up 3.75, FOGL: 150.50 unchanged RKH: 95.75 unchanged, BOR: 96.00 up 6.50 PRE: 13.25 unchanged, GBP: 8.00 unchanged, GPK: 408.00 unchanged, BLT 1936.00 up 71.00, RDSA: 2080.00 up 21.00 RDSB: 2033.00 up 8.00.
New York Stock Exchange:
XOM: 88.68 up 0.69
THE MARKETS (17/06/08)
FTSE100: 5,861.90 up 67.34, FTSE250: 9,723.90 up 88.38 SmallCap: 3,039.10 up 28.20
DJI: 12,160.30 down 108.78 NASDAQ: 2,457.73 down 17.05 S&P500: 1,350.93 down 9.21
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 06/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
GENERAL RESEARCH AND DEVELOPMENT
(Horizontal Wells)
EnDevCo, Inc. (OTC Bulletin Board: EDVC), the Energy Development Company, announced the preliminary results of the Company's first horizontal well at their Short Junction Field in Oklahoma.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/06-17-2008/0004833561&EDATE=
(Seismic Innovations)
Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR) announces that the Institute of New Oil and Gas Technologies (INOGT), with which the Company has recently signed a Memorandum of Understanding to acquire 100% of its equity ownership, presented its innovative Seismic Location of Emission Centers (SLEC) technology at the European Association of Geoscientists & Engineers (EAGE) conference and exhibition in Rome, Italy.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0407577.htm
( Rig Design)
Unique specialist castings, invented and produced in Sheffield to handle the demands of the world's roughest seas, have secured contracts for Sheffield Forgemasters worth £5.5m during a 3 month period. Forgemasters' subsidiary company, Vulcan SFM, has been awarded the contracts because of its status as the unique global provider of high strength cast joints. Originally developed to provide improved fatigue resistant, these items are also used to provide lifting components capable of allowing offshore structures weighing more than 10,000 tonnes to be lifted into place.
http://www.oilonline.com/news/headlines/business/20080617.Vulcan%E2%80%99s.23295.asp
(Laboratory Facilities)
Geotec, Inc. (PINKSHEETS: GETC) announced today that it has contracted to open a new 2100 square foot laboratory in Delray Beach, Florida for facilitating the anticipated commercialization of Geotec's bio-refining processes.
http://www.marketwire.com/mw/release.do?id=869319
INTERNATIONAL DEVELOPMENTS:
(Canada and the United States)
OTTAWA - Some operators of gas-fired power plants in New England, worried the natural gas from the Canaport LNG plant could harm their equipment, have persuaded U.S. energy regulators to hold a special hearing into their concerns.
http://nbbusinessjournal.canadaeast.com/journal/article/328178
(Norway)
StatoilHydro ASA (STO) said Tuesday that 150,000 barrels a day of oil and liquids production currently halted after a fire June 15 at its Oseberg A platform and associated fields in Norway's North Sea may return by the end of the week.
http://money.cnn.com/news/newsfeeds/articles/djf500/200806171008DOWJONESDJONLINE000356_FORTUNE5.htm
StatoilHydro ASA said it awarded the contract for the fabrication and installation of structures and tie-in of the pipeline systems for the Gjøa project to Technip Norge AS
http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/17/afx5123086.html
REGIONAL DEVELOPMENTS:
(Brazil and the United Kingdom)
UK-based gas company BG Group has announced another new oil discovery in the Santos Basin, offshore Brazil. The Guara exploration well discovered oil within the BM-S-9 concession area.
http://www.energy-business-review.com/article_news.asp?guid=19F971CC-BCC6-43FA-AFA3-008F4E52AA13
(Brazil)
PETROBRAS a Brazilian international energy company, announces that, during a meeting with representatives of the State of Maranhão Government, manifested its intention to study, together with the State, the possibility of installing a Premium refinery with capacity for 600,000 bpd. The refinery’s first operation phase is scheduled to start in 2013.
http://thecabledirectory.com/newsdetails.asp?id=6410
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.
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