Falklands : Hydrocarbons Daily Record Thursday, 16 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 17.10.2008 (Article Archived on 01.11.2008)
Declining demand helped crude prices to decrease today to lows not seen since May 2007. HDR has said that the optimal price for Crude is between $45 and $60.00 per barrel. We’re almost there but don’t expect prices to correspondingly come down.
HYDROCARBONS DAILY RECORD THURSDAY, 16 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 16 October 2008 Light Sweet Crude was trading at $69.85 down $4.69 on the New York Mercantile Exchange. Brent Crude was trading at $70.80 down $66.32 down $4.48 on London’s ICE Futures Market.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 10/10/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
ANALYSIS:
Declining demand helped crude prices to decrease today to lows not seen since May 2007. HDR has said that the optimal price for Crude is between $45 and $60.00 per barrel. We’re almost there but don’t expect prices to correspondingly come down. Crude bought at higher prices has to be processed before product prices reduce significantly.
There is plenty of crude about and the latest figures from the US Department of Energy Administration shows significant increases in supply, showing a corresponding decline in demand.
RELATED ARTICLE:
(Crude Supplies)
Oil prices slid further in decline Thursday following news that crude and gasoline inventories in the United States showed massive gains.
http://www.newsroomamerica.com/business/story.php?id=434963
Share Prices on the London Stock Exchange (16/10/08):
TLW: 456.25 down 46.75, DES: 34.00 down 4.50, FOGL: 74.50 down 3.50 RKH: 24.50 down 5.50 BOR: 21.75 down 5.75, BPC: 3.13 down 0.13, PRE: 8.63. down 0.13 GBP: 4.38 down 0.38, GPK: 330.00 down 2.50, BLT 811.00 down 105.00, RDSA: 1294.00 down 100.00, RDSB: 1235.00 down 112.00
New York Stock Exchange:
XOM: 68.32 up 7.10 (Trading in USD)
The Markets (16/10/08):
FTSE100: 3,861.39 down 218.20, FTSE250: 6,342.71 down 364.41, SmallCap: 2,045.33 down 95.11
DJI: 8,979.26, NASDAQ: 1,717.71 up 89.38, S&P500: 946.43 up 38.59
INTERNATIONAL DEVELOPMENTS:
(Angola)
StatoilHydro has interests in two oil finds offshore Angola which have been reported this week – in Block 31 and Block 15/06 respectively.
http://www.yourindustrynews.com/news_item.php?newsID=12979
(Australia)
-- Woodside Petroleum Ltd., Australia's second-largest oil and gas producer, trimmed a forecast for full-year output as hurricanes curtail output in the U.S. and volumes from new projects miss some analyst estimates.
http://www.bloomberg.com/apps/news?pid=20601081&sid=a.6hOVZVMbYc&refer=australia
(Philippines)
Nido Petroleum has found the presence of hydrocarbons with its Tindalo-1 exploration well in the NW Palawan Basin, offshore the Philippines.
http://www.offshore-mag.com/display_article/342678/120/ARTCL/none/DRLCM/1/Nido-updates-Tindalo-1-well-results/
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia's state energy company has completed its takeover of the local operations of Spanish company Repsol.
http://www.iht.com/articles/ap/2008/10/15/business/LT-Bolivia-Repsol.php
(Peru)
Despite the oil scandal that is taken place in Peru with kicks backs to in the last bid round, Daniel Saba, chairman of the hydrocarbons promotion agency PERUPETRO, said they are preparing a new licensing round for 2009, Daniel Saba, chairman of oil and gas promotion agency Perupetro.
http://www.petroleumworld.com/story08101614.htm
Americas Petrogas Inc. ("API" or the "Company") is pleased to provide the following operations update on its Argentinean oil and gas operations and to announce an important potash acquisition in Peru.
http://www.marketwire.com/press-release/Americas-Petrogas-Inc-910772.html
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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