Falklands : Hydrocarbons Daily Record Tuesday, 07 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 08.10.2008 (Article Archived on 22.10.2008)
Earlier today rebounding markets seemed to help crude prices to decline but as the day progressed the markets fell significantly, causing a slight increase.
HYDROCARBONS DAILY RECORD TUESDAY, 07 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 07 October 2008 Light Sweet Crude was trading at $90.06 up 2.25 on the New York Mercantile Exchange. Brent Crude was trading at $84.66 up 98 Cents on London’s ICE Futures Market.
ANALYSIS:
Earlier today rebounding markets seemed to help crude prices to decline but as the day progressed the markets fell significantly, causing a slight increase.
Also helping the increase were insinuations that OPEC would cut production. Such a cut won’t affect people who cannot afford to fill up and could be beneficial as it costs to store and process crude into hydrocarbons products such as gasoline and heating fuel. HDR advocates the wise and efficient use of fuel. This will lower demand but it will help to keep people going in some pretty tough times.
There is no need to fear decreasing demand because that which speculators and traders feared has come upon them – a growing number of people so poverty stricken that fuel is a luxury item. HDR feels that some of the golden parachute money should be used to help poor people through the northern winter. Also on the give back list are companies and individuals who caused this mess in the first place. They made outrageous profits at the expense of John Q Public and it’s pay-back time.
RELATED ARTICLES:
(Fuel Efficiency)
You can’t control the price, but you can control consumption. Fuel Management is the answer. Goes for other hydrocarbons products as well
http://www.acppubs.com/article/CA6602423.html?industryid=48553
(Economic Situation)
The Federal Reserve's decision today to buy U.S. commercial paper came after money-market mutual funds fled the market, cutting off a vital source of short-term corporate funding and pushing the economy closer to a recession.
http://www.bloomberg.com/apps/news?pid=20601087&sid=apN0dqws1jxU&refer=home
Federal Reserve Chairman Ben Bernanke predicted that the global financial markets crisis is likely to restrain the economy well into next year and signaled that the Fed may be getting ready to cut interest rates.
http://money.cnn.com/2008/10/07/news/economy/bernanke_speech/?postversion=2008100714
A House committee chairman blasted former chiefs of American International Group Inc. on Tuesday, blaming their huge pay checks and the company's lavish style for the federal government's $85 billion bailout of the insurer.
http://money.cnn.com/2008/10/07/news/companies/AIG_testimony/?postversion=2008100715
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 07 October 2008
TLW: 545.50 down 3.50, DES: 44.50 down 5.50, FOGL: 72.50 down 7.50 RKH: 38.50 down 5.75 BOR: 30.00 down 0.75, BPC: 3.88 unchanged PRE: 8.75 down 1.75 GBP: 5.38 down 0.25, GPK: 349.00 down 13.00, BLT 1087.00 up 17.00, RDSA: 1546.00 up 44.00, RDSB: 1555.00 up 76.00
New York Stock Exchange:
XOM: 76.07 down 1.25 (Trading in USD)
THE MARKETS (07/10/08)
FTSE100: 4,605.22 up 16.03, FTSE250: 7,431.16 down 43.63, SmallCap: 2,257.42 down 50.31
DJI: 9,447.11 down 508.39, NASDAQ: 1,754.88 down 108.08, S&P500: 996.23 down 60.65
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 26/09/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Technical Developments)
Unique Oil Absorbing Filter Cartridge Reduces Hydrocarbon Contamination up to 95 Percent in a Single Pass
http://news.thomasnet.com/fullstory/821117
(Australia)
Empire Oil & Gas NL (ASX:EGO)(PINK:EOLGF) is pleased to announce that it has been advised by the Operator, ARC Energy Limited that equipment and crew are currently being mobilised to the Stokes Bay-1 well location to complete road works that will enable testing of the cavernous reef system intersected in the well in November 2007.
http://www.abnnewswire.net/press/en/57756/Empire_Oil_Gas_(ASX:EGO)_Update_on_the_Testing_Programme_For_The_Stokes_Bay_1_Well.html
REGIONAL DEVELOPMENTS:
(Argentina)
Argentina's government has delayed the bidding timetable for the offshore licensing round at the request of competitors, an official with state energy company Enarsa told BNamericas.
http://www.energycurrent.com/index.php?id=2&storyid=13572
(Brazil)
Petro Vista Energy Corp. ("Petro Vista" or the "Company") (TSX VENTURE:PTV) is pleased to announce that it has closed the acquisition of a 41.3% working interest in the shallow offshore producing oil concession Block SES-107D ("Tartaruga Block") subject to the receipt of all necessary regulatory and corporate approvals.
http://www.marketwire.com/press-release/Petro-Vista-Energy-Corp-TSX-VENTURE-PTV-907464.html
(Chile)
State-owned National Petroleum Company (ENAP) and Arauco, one of Chile's largest forestry companies, will participate in a new conglomerate business venture to develop biocombustibles from wood residues, reported Chilean daily La Nación
http://www.santiagotimes.cl/santiagotimes/news/sports-news/index.php?option=com_content&task=view&id=14777&Itemid=1
(Ecuador)
Ecuador's President Rafael Correa has threatened to expel foreign oil companies, if they fail to reverse dwindling output in the OPEC nation, and also to nationalize an Amazon oil field if Brazil's state oil company, Petrobras, fails to hand it over – and soon.
http://www.oilvoice.com/n/Ecuadors_Correa_Threatens_to_Force_Out_Foreign_Oil_
Producers/b3d2da8e.aspx
(Peru)
Peru's mines and energy minister, Juan Valdivia, said on Monday he has resigned over a scandal that involved steering oil concessions to favored bidders.
http://www.guardian.co.uk/business/feedarticle/7845429
(Venezuela)
Venezuelan Foreign Minister Nicolas Maduro arrived in Russia Monday for a two-day visit to prepare for the first visit of Russian President Dmitry Medvedev to Venezuela in November, local media reported.
http://news.xinhuanet.com/english/2008-10/07/content_10159344.htm
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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