Falklands : Hydrocarbons Daily Record Wednesday, 27 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.08.2008 (Article Archived on 11.09.2008)
Today’s crude price increases are entirely due to Hurricane Gustav. The storm’s projected path shows a direct hit on the oil infrastructure located off the Louisiana coast. Some reports state that rigs in the affected area are already being evacuated.
HYDROCARBONS DAILY RECORD WEDNESDAY, 27 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 27 August 2008 Light Sweet Crude was trading at $118.15 up $1.88 on the New York Mercantile Exchange. Brent Crude was trading at $116.22 up $1.59 on London’s ICE Futures Market.
ANALYSIS:
Today’s crude price increases are entirely due to Hurricane Gustav. The storm’s projected path shows a direct hit on the oil infrastructure located off the Louisiana coast. Some reports state that rigs in the affected area are already being evacuated.
This week’s inventory report from the US Department of Energy only showed a 100,000 barrel decline from last week report. Gasoline also is 2.8 Million Barrels more than inventories reported last year at this time.
One word of caution is needed in that with Hurricane Gustav heading for the oil infrastructure in the Gulf of Mexico, next week’s inventory report could show declining crude stocks. As a necessary precaution, tankers will be avoiding Gustav and possibly will not make port until the storm is over. This will postpone supplies that are coming in, causing subsequent reports to show greater increases.
Analysts say that crude could remain above $100.00 causing demand to remain lower than it could be if crude were more reasonably priced. Others with the money to spend could invest in a hydrogen vehicle and have energy independent travel once the related industry and infrastructure are in place.
RELATED ARTICLES:
(Alternative Energy)
The U.S. Energy Department (DoE) is funding university research on near-term applications for hydrogen power in order to demonstrate its feasibility while drumming up public support for the technology. Meanwhile, medium-term applications for commercial fuel cell technology are still gearing up.
http://www.eetimes.com/news/latest/showArticle.jhtml?articleID=210201000
(Hurricane Gustav)
Energy companies in the U.S. Gulf of Mexico began evacuating staff from offshore platforms Wednesday as Tropical Storm Gustav barreled toward the oil and natural gas-rich region.
http://www.forbes.com/reuters/feeds/reuters/2008/08/27/2008-08-27T163236Z_01_N27455718_RTRIDST_0_STORM-GUSTAV-ENERGY-UPDATE-2.html
Oil prices jumped above 118 dollars on Wednesday as Tropical Storm Gustav posed a risk to US energy facilities and after a surprise drop to crude inventories in the United States, analysts said.
http://afp.google.com/article/ALeqM5imXJ2MPIJ3WMggQ6Z0UhHj6dmHCQ
(Crude Prices)
THE price of oil is set to remain over $100 per barrel for the next five years, according to the head of the International Energy Agency.
http://www.lloydslist.com/ll/news/oil-prices-to-stay-above-100-per-barrel-says-iea/20017565422.htm
(Pot and Kettle)
The oil and gas industry should acknowledge its role as a fossil fuel miner more readily in public rather than spouting ecological slogans, the head of U.S. oil services giant Schlumberger said.
http://www.guardian.co.uk/business/feedarticle/7756047
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 27 August 2008
TLW: 793.50 down 3.00, DES: 79.00 down 2.50, FOGL: 126.50 unchanged RKH: 67.25 down 1.00, BOR: 60.25 unchanged PRE: 11.25 down 0.25 GBP: 7.13 unchanged GPK: 419.00 unchanged, BLT 1698.00 up 22.00, RDSA: 1907.00 up 43.00, RDSB: 1880.00 up 41.00
New York Stock Exchange:
XOM: 80.47 up 0.52 (Trading in USD)
THE MARKETS (27/08/08)
FTSE100: 5,528.10 up 57.45 FTSE250: 9,137.10 up 3.52 SmallCap: 2,798.30 up 3.18
DJI: 11,502.51 up 89.64 NASDAQ: 2,382.46 up 20.49 S&P500: 1,281.66 up 10.15
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 22/08/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Australia)
WOODSIDE Petroleum's half-year earnings have risen above $1 billion for the first time, beating expectations, as it profited from record oil prices.
http://www.theaustralian.news.com.au/story/0,25197,24252282-643,00.html
(Canadian Arctic)
Canada is proposing to extend its territorial waters in the Arctic to 200 nautical miles to both assert its sovereignty over shipping and to enforce anti-pollution rules.
http://www.thespec.com/News/BreakingNews/article/425776
(New Zealand)
New Zealand owned and operated Greymouth Petroleum confirmed today that Greymouth group company, Petrochem Limited, has flowed first gas from its Kowhai field well operations programme underway in PEP 38742, situated onshore on the North Taranaki peninsular. Gas has been successfully drillstem tested (DST) from the Matapo Sandstone Formation, with rates exceeding 1 MMscf/d and limited pressure drawdowns.
http://www.youroilandgasnews.com/news_item.php?newsID=9433
(Sub-Sahara and the United States)
A number of independent and major exploration and production companies will attend a forum focusing on development of Sub-Saharan Africa's prodigious natural gas reserves, September 3 & 4 in Houston.
http://www.marketwire.com/press-release/Zeus-Development-Corp-893374.html
REGIONAL DEVELOPMENTS:
(Bolivia)
Evo Morales changed the history of Bolivia when he was elected in December 2005 as the country's first indigenous president, and the first to get a majority of 54 percent. On August 10, he expanded his mandate considerably in a referendum, with 67 percent of voters opting to keep him in office.
http://www.alternet.org/audits/96679/bolivia:_can_the_majority_of_people_vote_for_
change_and_actually_get_it/
(Ecuador)
Ecuador's Minister of Mining and Oil, Galo Chiriboga, announced that the internationalization process of Ecuador state-owned oil company Petroecuador keeps progressing through the creation of joint ventures with Venezuela and Chile.
http://www.abn.info.ve/go_news5.php?articulo=146917&lee=18
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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