Falklands : Hydrocarbons Daily Record Wednesday, 03 September 2008
Submitted by Falkland Islands News Network (Juanita Brock) 03.09.2008 (Article Archived on 18.09.2008)
Crude prices declined today due to Gustav’s damage not being as bad as first thought.
HYDROCARBONS DAILY RECORD WEDNESDAY, 03 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 03 September 2008 Light Sweet Crude was trading at $109.35 down 36 Cents on the New York Mercantile Exchange. Brent Crude was trading at $108.02 down 32 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined today due to Gustav’s damage not being as bad as first thought. People are being allowed reluctantly back into New Orleans and oil infrastructure in the Gulf of Mexico is being assessed. The jury is out on whether oil from the Strategic Petroleum Reserve is needed as conditions are improving and it will be possible for supply delivery once rigs are assessed and brought back online.
It’s important to remember that while crude prices are falling significantly, they do so from criminally high amounts and optimal prices are estimated to be in the region of $45.00 and $60.00 per barrel. Some prices at the pump, while coming down significantly, won’t truly reflect crude costs until all crude bought in at high prices is processed and sold on. With lower demand this could take longer than expected.
Meanwhile, Governments are assessing how much subsidy those on fixed incomes will get for winter fuel allowance. With more people out of work and unable to make ends meet there will be pressure on local authorities to increase subsidy spending. While winter fuel is important, principalities need to look into alternative energy schemes. Here in the Falklands there will be three more wind turbines helping to offset high fuel prices for the power station. Other principalities are using alternative energy for vehicles.
RELATED ARTICLES:
(Gustav)
After all, Gustav only shut-in the majority of US oil and natural gas production in the Gulf of Mexico along with a few refineries in the area. The Bush administration announced it would be ready, willing, and able to release oil from the Strategic Petroleum Reserve to those companies requesting it.
http://seekingalpha.com/article/93736-oil-the-inconvenient-truth
(Fuel Prices)
The average price of a barrel of oil has fallen by 27 per cent since its peak in July, however, the price of a litre of unleaded petrol has only dropped by six per cent from its high in the same month.
http://www.telegraph.co.uk/motoring/main.jhtml?xml=/motoring/2008/09/03/mnoil103.xml
(Subsidising Fuel Costs)
Mr Britton told members that people on fixed incomes could be facing a very difficult Winter when it came to paying their gas, oil and electricity bills.
http://www.nwipp-newspapers.com/FH/free/307691667427177.php
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 03 September 2008
TLW: 750.00 down 0.50, DES: 76.75 up 0.25, FOGL: 124.00 unchanged RKH: 64.75 down 1.75, BOR: 53.00 down 2.75, BPC: 4.50 unchanged PRE: 12.25 unchanged GBP: 7.13 unchanged GPK: 419.00 unchanged, BLT 1527.00 down 32.10, RDSA: 1847.00 down 16.00, RDSB: 1804.00 down 14.00
New York Stock Exchange:
XOM: 78.02 up 0.70 (Trading in USD)
THE MARKETS (03/09/08)
FTSE100: 5,499.70 down 121.00 FTSE250: 9,369.70 down 173.92 SmallCap: 2,865.80 down 5.22
DJI: 11,532.88 up 15.96 NASDAQ: 2,333.73 down 15.51 S&P500: 1,274.98 down 2.59
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 22/08/08. (The next Release will be on Thursday.)
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Nigeria)
Gazprom and the Nigerian National Petroleum Corporation plan to set up a joint venture, the Russian energy giant said on Wednesday.
http://en.rian.ru/business/20080903/116513758.html
(North Sea Oil)
Talisman Energy Inc. (TSX:TLM) said Wednesday it has sold its Dutch offshore assets to Total Holdings Nederland for US$480 million as part of a new strategy to focus its business on a few key areas.
http://canadianpress.google.com/article/ALeqM5iMaVFQsBqg2x3bNDVMlUJM5wqqtQ
(Papua New Guinea)
Sasol Petroleum International (SPI) has obtained a 51% working interest in four hydrocarbon prospecting licenses covering a land area of 37 000 square kilometers, close to established gas fields in the "foreland" area of Papua New Guinea. Seismic surveying is scheduled to commence in October 2008.
http://www.oilonline.com/news/headlines/mergers/20080903.Sasol_to.23713.asp
(South Africa)
South African state-owned oil firm PetroSA said on Wednesday it had qualified as an operator for offshore gas exploration in Venezuela.
http://africa.reuters.com/business/news/usnBAN358390.html
(Uzbekistan)
-- LUKOY | Quote | Chart | News | PowerRating -- LUKOIL plans to produce 12 billion cubic meters of gas annually from Kandym and Gissar deposits in Uzbekistan, head of the Russian company Vagit Alekperov said.
http://www.tradingmarkets.com/.site/news/Stock%20News/1858562/
REGIONAL DEVELOPMENTS:
(Argentina)
Directors at the Argentine units of Brazilian state energy firm Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) (PBR.N: Quote, Profile, Research, Stock Buzz) said on Tuesday they had agreed to merge.
http://www.reuters.com/article/americasMergersNews/idUSN0247712920080903
(Brazil)
-- Repsol YPF SA, Spain's largest oil company, started drilling in two projects it operates in the Santos basin offshore Brazil.
http://www.bloomberg.com/apps/news?pid=20601086&sid=a_6X5aQR71W0&refer=latin_america
President Luiz Inácio Lula da Silva of Brazil dipped his hands on Tuesday in the first oil from vast new reserves
http://www.nytimes.com/2008/09/03/world/americas/03briefs-OFFSHOREOILO_BRF.html?ref=world
LOCAL DEVELOPMENTS:
(Rockhopper Exploration)
The Board of Rockhopper Exploration plc announces that all of the resolutions considered at the Annual General Meeting held yesterday were approved by shareholders.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1946712&source=RNS
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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