Falklands : Hydrocarbons Daily Record Tuesday, 29 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 29.07.2008 (Article Archived on 12.08.2008)
Easing demand and a strengthening US Dollar are the causes behind the decline in the price of crude today.
HYDROCARBONS DAILY RECORD TUESDAY, 29 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 29 July 2008 Light Sweet Crude was trading at $122.19 down $2.54 on the New York Mercantile Exchange. Brent Crude was trading at $122.66 down $3.18 on London’s ICE Futures Market.
ANALYSIS:
Easing demand and a strengthening US Dollar are the causes behind the decline in the price of crude today.
It is inevitable that when the price of hydrocarbons products goes too high they become unaffordable for the majority of the road-using public and those who need heating fuel to last them through the winter. This time as crude prices ratchet downwards there won’t be the panic that was felt the last time they fell this dramatically. We must think of the bottom price and where it will settle when the declines stop. Hopefully, prices will be anywhere from $45.00 to $60.00 before decreases slow down and bottom out.
HDR feels that if prices continue to decline at a steady pace, it will be unnecessary for OPEC to take a decision to increase production when the organisation meets in September. Prices will remain high until crude bought at high prices is processed.
Due to the high cost of hydrocarbons products alternative and eco-energy have become popular amongst a growing sector of the world’s population. With the wiser use of hydrocarbons products it is attractive to switch over to alternative energy even though crude prices are declining.
We all hope that gasoline and heating fuel will become cheaper but for many cost security lays in alternative energy – a lesson well learned.
RELATED ARTICLES:
(Alternative Energy)
THE CONCENTRATED solar power (CSP) sector may not have had the momentum behind it that has driven the development of its flashier counterpart, photovoltaic solar energy (PV), in recent years, but high oil prices and a more favourable regulatory environment is starting to change this picture.
http://www.petroleum-economist.com/default.asp?page=14&PubID=46&ISS=24877&SID=709527
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 29 July 2008.
TLW: 750.00 up 2.50, DES: 75.50 up 2.75, FOGL: 114.50 unchanged RKH: 66.00 down 0.50, BOR: 63.75 down 0.25 PRE: 11.50 down 0.50 GBP: 7.13 unchanged, GPK: 419.00 unchanged, BLT 1640.00 up 18.00 RDSA: 1808.00 down 25.00, RDSB: 1785.00 down 33.00
New York Stock Exchange:
XOM: 80.75 up 0.07 (Trading in USD)
THE MARKETS (29/07/08)
FTSE100: 5,319.20 up 6.00 FTSE250: 8,716.70 down 150.97 SmallCap: 2,709.20 down 9.29
DJI: 11,397.56 up 266.48 NASDAQ: 2,319.62 up 55.40 S&P500: 1,263.19 up 28.82
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 18/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North America)
Talisman Energy Inc. (TSX:TLM) is boosting its 2008 capital spending by $500 million to $5.5 billion, due to a "very promising start" to its North American unconventional natural gas program.
http://www.660news.com/news/business/article.jsp?content=b0729100A
REGIONAL DEVELOPMENTS:
(Argentina and Venezuela)
A plan by Argentinean energy utility Enarsa and Venezuelan state-run oil company Petróleos de Venezuela (Pdvsa) for a joint network of 600 gas stations throughout Argentina will be left pending.
http://english.eluniversal.com/2008/07/29/en_eco_art_enarsas-gas-station_29A1847761.shtml
(Bolivia)
Bolivian government prepares on Tuesday the recovery of the ENDE (National Power Company) and plans new investments to generate power in hydroelectric and geothermal stations.
http://www.plenglish.com/article.asp?ID=%7BAD3BA20E-A7F9-43C6-964F-7C58BCD4A67F%7D&language=EN
(Brazil)
BG Group's attempt to buy Origin Energy has overshadowed a solid financial performance and significant reserves growth thanks to exploration success in Brazil, writes NJ Watson
http://www.petroleum-economist.com/default.asp?page=14&PubID=46&ISS=24877&SID=709510
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.
|
