Falklands : Hydrocarbons Daily Record Thursday, 09 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 10.10.2008 (Article Archived on 24.10.2008)
Dropping demand has helped to decrease the price of crude today. Such is the concern that OPEC will be discussing it in an emergency meeting in November.
HYDROCARBONS DAILY RECORD THURSDAY, 09 OCTOBER 2008
By J. Brock (FINN)
CRUDE PRICES:
At 1930hrs LMT on Thursday, 09 October 2008 Light Sweet Crude was trading at $86.59 down $2.36 on the New York Mercantile Exchange. Brent Crude was trading at $82.66 down $1.70 on London’s ICE Futures Market.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 03/10/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
ANALYSIS:
Dropping demand has helped to decrease the price of crude today. Such is the concern that OPEC will be discussing it in an emergency meeting in November. HDR has often said that demand is the key to prices and if they go too high the majority of people feeling the financial pinch will reduce consumption of hydrocarbons products and those on the lower end of the scale won’t buy the products at all.
OPEC can cut production but it won’t hurt the majority who can’t afford the products anyway. If prices increase governments and charities who help those in need will feel the pinch.
Over the past two years we have seen crude and its resulting products become luxury items, yet traders and speculators jacked up the price like there was no tomorrow. As a result costs involved in producing everything from food to houses increased exponentially.
People shouldn’t have to raid their savings in order to feed themselves, travel or keep warm in the winter. This happens too often and has forced people to consider whether to feed their families or pay rent and/or mortgage.
Now the boil has been lanced it can be cleaned out and healed but this will take time. The people who have been deprived the longest will have to wait even longer until prices can come down to their level. It is hoped that entities setting prices and making financial decisions will think of those who have supported industries and bought food when the prices were reasonable. Their numbers are great.
RELATED ARTICLES:
(OPEC)
Oil prices sank Thursday as plunging stock markets outweighed news that OPEC will hold an emergency meet next month to discuss the impact of the chaos on world markets.
http://afp.google.com/article/ALeqM5jcPZR1vOpO-M9ZPSRR7lv2D22bPg
OIL prices have sunk today, with worries about a global financial crisis overshadowing news of an emergency OPEC meeting next month to discuss its impact on oil demand.
http://www.news.com.au/business/story/0,27753,24474375-31037,00.html
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 09 October 2008
TLW: 524.50 up 22.00, DES: 42.00 up 0.25, FOGL: 69.50 up 0.50 RKH: 33.75 up 0.25 BOR: 27.50 down 1.50, BPC: 3.38 unchanged, PRE: 9.25 unchanged GBP: 5.13 unchanged, GPK: 332.50 unchanged, BLT 1036.00 up 63.00, RDSA: 1437.00 down47.00, RDSB: 1412.00 down 31.00
New York Stock Exchange:
XOM: 77.00 up 0.93 (Trading in USD)
THE MARKETS (09/10/08)
FTSE100: 4,313.80 down 52.89, FTSE250: 7,179.43 down 21.44, SmallCap: 2,204.09 up 1.50
DJI: 8,579.19 down 678.91, NASDAQ: 1,645.12 down 95.21, S&P500: 909.52 down 75.02
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
COLD, empty and rich in fish and minerals, the seas of the “High North” are a tempting prize for a big, confident country. Even before the startling news of Vladimir Putin’s offer of a €4 billion ($5.4 billion) emergency loan to Iceland (see article), Russia had been beefing up its presence in a part of the world where the NATO presence is fitful.
http://www.economist.com/world/europe/displaystory.cfm?story_id=12381767
REGIONAL DEVELOPMENTS:
(Trinidad)
Trinidad and Tobago, as of right now, has 64 years worth of oil and natural gas reserves combined, Energy Minister Conrad Enill says.
http://www.nationnews.com/story/292817805764946.php
(Barbados)
These included Borders and Southern, BHP Billiton, BP, Exxon-Mobil, Hess, Newfield, Petrobras, Shell and Statoil.
http://www.caribbean360.com/News/Business/Stories/2008/10/09/NEWS0000006412.html
(Venezuela)
Wednesday, independent oil and gas company PetroFalcon Corporation (PFC.TO: News ) said Venezuelan Ministry of Energy and Petroleum or MEP has denied approval for the acquisition of Anadarko Venezuela Company by PetroFalcon.
http://www.rttnews.com/Content/BreakingNews.aspx?Node=B1&Id=735963%20&Category=Breaking%20News
LOCAL DEVELOPMENTS:
(BHP Billiton Reps in the Falklands)
HDR will be interviewing BHP Billiton Reps on Friday morning. A published interview will be forthcoming.
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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