Falklands : Hydrocarbons Daily Record Sunday, 19 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 20.10.2008 (Article Archived on 03.11.2008)
We wait and see whether OPEC will cut production. No matter what is done, prices must come down to ease demand and as we know demand is the key to the oil market.
HYDROCARBONS DAILY RECORD SUNDAY, 19 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 17 October 2008 Light Sweet Crude was trading at $73.73 up $3.88 on the New York Mercantile Exchange. Brent Crude was trading at $71.85.00 up 2.00 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:
We wait and see whether OPEC will cut production. No matter what is done, prices must come down to ease demand and as we know demand is the key to the oil market. It is senseless to keep expensive crude in storage when people who otherwise would be able to afford the resulting products cannot due to economic constraints.
At the moment hydrocarbons products remain luxury items for a growing number of people who have lost employment, on fixed incomes or don’t make enough money to afford them.
Demand is declining all over the world due to the financial crisis and unless someone lowers the price of crude in storage and resulting products significantly demand will decline exponentially.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 17 October 2008
TLW: 487.50 up 31.25, DES: 34.00 unchanged, FOGL: 79.00 up 4.50 RKH: 27.00 up 2.50 BOR: 22.75 up 1.00, BPC: 3.25 unchanged, PRE: 8.75 down 0.25 GBP: 4.75 unchanged, GPK: 330.00 unchanged, BLT 895.00 up 84.50, RDSA: 1402.00 up 108.00, RDSB: 1350.00 up 115.00
New York Stock Exchange:
XOM: 68.28 down 1.17 (Trading in USD)
THE MARKETS (17/10/08)
FTSE100: 4,063.01 up 100.62, FTSE250: 6,311.39 down 31.52, SmallCap: 2,037.62 down 7.71
DJI: 8,852.22 down 127.04, NASDAQ: 1,711.29 down 6.42, S&P500: 940.55 down 5.88
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
Northern Offshore, Ltd. today announced that its Singapore-based subsidiary, Jet Holding Ltd. was awarded a contract with the Joint Operating Company Vietgazprom, a joint venture between Petrovietnam and Gazprom, for the drillship Energy Searcher.
http://houston.dbusinessnews.com/shownews.php?newsid=169036&type_news=latest
The announcement yesterday that BP have discovered a major source of high quality crude oil in the British sector of the North Sea is by any standards
http://www.timesonline.co.uk/tol/life_and_style/court_and_social/article4973662.ece
Thirty four people have been evacuated from a North Sea oil rig owned by an Aberdeen based company
http://news.stv.tv/scotland/34967-north-sea-oil-rig-evacuated/
REGIONAL DEVELOPMENTS:
(Bolivia)
The Bolivian government announced late Friday an agreement to buy all shares owned by the British company Ashmore Energy International in the local gas pipeline company Transredes.
http://afp.google.com/article/ALeqM5i2dQvna3BWg1jORgNZNqNmbn7C4Q
(Brazil)
Brazil's state-run oil giant Petroleo Brasileiro SA reached record oil production in September, the company said late Friday
http://www.marketwatch.com/news/story/petrobras-reaches-record-oil-production/story.aspx?guid=%7BAC06D002-C3BA-44F0-B338-F783A58EE8D9%7D&dist=msr_1
(Chile)
Chile's petrochemicals industry is relatively small compared to other Latin American countries. The nation is heavily dependent on Argentina for its natural gas and power supplies due to heavy demand coupled with a lack of alternative sources of feedstock required for the petrochemicals and other industries.
http://www.plastemart.com/plasticnews_desc.asp?news_id=13368&P=P
(Peru)
Americas Petrogas Inc. (TSXV:BOE), a Calgary based international energy junior, says it has discovered oil in Argentina and acquired a 70 per cent stake in a potash project in Peru.
http://www.oilweek.com/news.asp?ID=19121
(Uruguay)
Uruguay's state oil company Ancap will offer 11 blocks in the offshore bidding round that starts in December this year, company E&P director Héctor de Santa Ana Álvarez told BNamericas
http://www.bnamericas.com/sector_home.jsp?sector=9&idioma=I¬icia=453607
(Venezuela)
Although a 12 cents a gallon price on gasoline may not persuade many Venezuelan’s of shifting to alternative fuel sources, saving petroleum and combating environmental pollution possibly will. In a program to exchange old gasoline consumer vehicles for free compressed natural gas (CNG) ones, president Chavez takes one step closer to making the Bolivarian revolution also an environmental one.
http://www.examiner.com/x-1109-Dallas-Environmental-Policy-Examiner~y2008m10d17-Venezuelas-Chavez-provides-citizens-with-free-natural-gas-vehicles
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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