Falklands : Hydrocarbons Daily Record Tuesday, 28 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 29.10.2008 (Article Archived on 12.11.2008)
There has been talk in OPEC circles about cutting crude production even further to help stabilise prices.
HYDROCARBONS DAILY RECORD TUESDAY, 28 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 28 October 2008 Light Sweet Crude was trading at $62.73 down 49 Cents on the New York Mercantile Exchange. Brent Crude was trading at $60.29 down $1.12 on London’s ICE Futures Market.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 17/10/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
ANALYSIS:
There has been talk in OPEC circles about cutting crude production even further to help stabilise prices. HDR feels that if people aren’t going to buy hydrocarbons products then there is no need to pump more crude. However, if the market is to grow prices for products must come down to a level that people can afford.
It also costs money to store and process extortionately priced crude.
Crude prices need to decrease sufficiently to bring this about. People bought gasoline and heating fuel when they barely could afford it, yet others who control prices - who don’t know what it is like to struggle or to go cold – are afraid of losing profits made off the backs of those who sacrificed so much. It’s time for a reciprocal payment.
RELATED ARTICLES:
(Second Production Cut)
World oil prices rallied from 17-month lows on Tuesday, after the OPEC crude exporters' cartel warned it could slash production further and as the US dollar retreated against the euro.
http://afp.google.com/article/ALeqM5ii-LMJm3wac07U55dQA-OoWcSCQQ
(OPEC)
Badri says oil cartel will have to have another emergency meeting if prices keep falling.
http://www.middle-east-online.com/english/?id=28506
AIM: 28/10/08
TLW: 45.75 down 4.00, DES: 27.25 up 4.50, FOGL: 54.50 up 1.50 RKH: 14.25 up 2.75 BOR: 16.50 down 1.25, BPC: 3.00 unchanged, PRE: 8.13 unchanged GBP: 4.38 unchanged, GPK: 297.50 down 27.50, BLT 842.50 down 3.00 RDSA: 1528.00 up 68.00, RDSB: 1490.00 up 94.00
NYSE: 28/10/08
XOM: 74.86 up 8.77 (Trading in USD)
THE MARKETS: 28/10/08
FTSE100: 3,921.28 up 68.69, FTSE250: 5,696.19 up 7.51, SmallCap: 1,844.41 down 7.10
DJI: 9,065.12 up 889.35, NASDAQ: 1,649.47 up 143.57, S&P500: 940.51 up 91.59
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
Profits, excluding one-time items and losses or gains made from inventories, jumped a higher-than-expected 83pc to $8.05bn ($5.1bn) from $4.41bn.
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/3271987/BP-profits-surge-on-back-of-record-oil-prices.html
(Tanzania)
WORD on the street is that a Chinese firm, China Sonangol International Holding Limited, is on the verge of clinching a deal that will see it become a strategic investor in the ailing state-controlled Air Tanzania Corporation Limited (ATCL) whose contractual partnership with South African Airways (SAA) has grown sour.
http://www.thisday.co.tz/News/4761.html
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivian Vice President Alvaro Garcia announced the commencement Monday of prospecting for new oilfields to the north of La Paz.
http://www.plenglish.com/article.asp?ID=%7B3D869519-680C-46CF-B836-5E9F354F16F0%7D)&language=EN
(Brazil)
Even though oil prices have declined considerably over the last several months and currently hover around US$60 per barrel, subsea installation activity continues to do well. Should the oil price continue to plummet, however, subsea projects will suffer.
http://www.energycurrent.com/index.php?id=2&storyid=13990
THE sharp decline in price of oil in the last two weeks has raised questions regarding the speed with which Brazil’s state-controlled energy company Petrobras will develop its pre-salt oil fields in the Santos Basin.
http://www.lloydslist.com/ll/news/oil-price-drop-puts-petrobras-pre-salt-project-at-risk/20017584568.htm
LOCAL DEVELOPMENTS:
In the Falklands at a recent meeting of Executive Council local fuel prices were the subject of a discussion that warrants a report to Councillors by the Chief Executive. There was a general discussion about fuel prices and the Chief Executive has been actioned to speak with Stanley Services. The Manager of Stanley Services is presently out of the Islands but he will report back to Council once he has some information.
Fuel prices in the Falklands are levies according to what is paid for the products and the prices change every time there is a new shipment. It will take some time for prices to come down here.
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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