Falklands : Hydrocarbons Daily Record Monday, 20 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 20.10.2008 (Article Archived on 04.11.2008)
Crude prices increased today on speculation that OPEC will cut production. The resulting higher prices will not increase demand and will ensure that hydrocarbons products remain beyond the means of people on limited incomes or no income at all.
HYDROCARBONS DAILY RECORD MONDAY, 20 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 20 October 2008 Light Sweet Crude was trading at $74.25 up $2.40 on the New York Mercantile Exchange. Brent Crude was trading at $72.03 up $2.43 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:
Crude prices increased today on speculation that OPEC will cut production. The resulting higher prices will not increase demand and will ensure that hydrocarbons products remain beyond the means of people on limited incomes or no income at all.
However, HDR sees cutting production as a good thing because there is no reason to store crude at high prices if people can’t afford to buy the resulting products.
Motorists and those wanting to heat their houses this winter are sceptical of suppliers passing down prices related to the decrease in the cost per barrel of crude. It has halved since highs in July. HDR feels that a lot of that crude is still in storage and suppliers are determined to get top dollar for any refined products. This will also keep demand low and needed heating fuel and gasoline seen as luxury items.
RELATED ARTICLES:
(OPEC)
OPEC said its special ministerial session would be brought forward from Nov. 18 to Oct. 24.
http://www.worldtribune.com/worldtribune/WTARC/2008/me_oil0626_10_20.asp
Oil jumped 5 percent on Monday on expectations OPEC will cut output this week to prop up prices hard hit by slumping demand and the mounting financial crisis.
http://www.canada.com/montrealgazette/news/business/story.html?id=98ae6bb9-8958-4c2c-9cba-d3761073f9b3
(Pass on Lower Prices)
The Prime Minister and Ed Mayo of Consumer First are putting public pressure on power companies to cut their gas and electricity prices in line with falling world oil prices.
http://www.telegraph.co.uk/news/uknews/3231106/Energy-firms-failing-to-pass-on-falling-oil-prices-to-consumers.html
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET 21/10/08
TLW: 498.75 up 11.25, DES: 33.00 down 1.00, FOGL: 77.00 down 2.00 RKH: 23.50 down 3.50 BOR: 22.25 down 0.50, BPC: 3.25 unchanged, PRE: 8.75 unchanged GBP: 4.75 unchanged, GPK: 327.50 down 3.50, BLT 974.50 up 79.00, RDSA: 1550.00 up 48.00, RDSB: 1494.00 up 144.00
XOM: 68.28 down 1.17 (Trading in USD)
THE MARKETS (17/10/08)
FTSE100: 4,282.67 up 219.66, FTSE250: 6,399.45 up 88.06, SmallCap: 2,061.94 up 24.32
DJI: 9,265.43 up 413.21, NASDAQ: 1,711.29 down 6.421,770.03 up 58.74, S&P500: 985.40 up 44.85
INTERNATIONAL DEVELOPMENTS:
(India)
Oilex Ltd is directing its efforts towards opportunities that have the potential to provide an exceptional return on investment.
http://proactiveinvestors.co.uk/companies/news/3234/oilex-gets-a-boost-from-cambay-field-recompletion-and-appraisal-programs-3234.html
REGIONAL DEVELOPMENTS:
(South America General)
Streetinvesting.com has now resumed our progressive review of Americas Petrogas Inc. (TSX-V: BOE). This Friday, 17th October, 2008, during the hours of trading, the company was up 17.86 percent with a volume of 647,000.
http://www.tradingmarkets.com/.site/news/Stock%20News/1953985/
(Cuba)
Cuban oil officials have said that the country may have over 20 billion barrels of recoverable oil in its offshore fields in the Gulf of Mexico, more than twice the estimates of the U.S. Geological Survey. Rafael Tenreyro Perez, exploration manager for Cuban oil company Cupet, said that the country hopes to drill its first production wells in mid-2009.
http://www.globalresearch.ca/index.php?context=va&aid=10601
(Venezuela)
Chavez says Margarita Island's strategic location off Venezuela's coast in the Caribbean Sea makes it perfect for "a naval base of large proportions.
http://www.kxmb.com/News/287689.asp
LOCAL DEVELOPMENTS:
(FOGL)
Under the terms of the FOGL LTIP, the Company announces that on 20 October 2008, Tim Bushell, Chief Executive, was granted an option (the "Option") over 256,534 Ordinary Shares of 0.002p each in the Company at an exercise price of 0.002p per Ordinary Share.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1995691&source=RNShttp://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1995691&source=RNS
(Rockhopper)
Holdings in Company
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1995128&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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