Falklands : Hydrocarbons Daily Record Thursday, 30 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 31.10.2008 (Article Archived on 14.11.2008)
Crude prices declined today on speculation that OPEC will cut production again and that demand is a concern. Also helping crude to fall is the weak US economic situation.
HYDROCARBONS DAILY RECORD THURSDAY, 30 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 30 October 2008 Light Sweet Crude was trading at $65.96 down $1.54 on the New York Mercantile Exchange. Brent Crude was trading at $63.71 down $1.76 on London’s ICE Futures Market.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 24/10/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
ANALYSIS:
Crude prices declined today on speculation that OPEC will cut production again and that demand is a concern. Also helping crude to fall is the weak US economic situation.
Demand will stay low if people can’t afford hydrocarbons products. They will either seek alternatives or go without. Yes. Cut production but also let loose of some of the cash made when crude was priced extortionately high. There are more, nobler causes than simply to keep shareholders happy.
RELATED ARTICLES:
(Crude Prices)
Energy prices rebounded Oct. 29, with crude surging in the highest 1-day percentage gain since June, as the Federal Open Market Committee lowered its target for overnight interest rates by a half point to 1%.
http://www.ogj.com/display_article/344095/7/ONART/none/GenIn/1/MARKET-WATCH:-Energy-prices-rebound-as-Fed-cuts-rates/
Venezuelan Energy Minister Rafael Ramirez says that OPEC has to cut additional production so that surplus oil is withdrawn from the market.
http://www.presstv.ir/detail.aspx?id=73796§ionid=3510213
AIM: 30/10/08
TLW: 473.00 up 9.75, DES: 33.50 up 1.75, FOGL: 62.00 up 4.00 RKH: 24.00 up 5.75 BOR: 24.50 up 7.00, BPC: 3.00 unchanged, PRE: 8.75 up 0.38 GBP: 5.13 up 5.75, GPK: 277.50 up 12.50, BLT 996.50 up 36.00 RDSA: 1635.00 down 70.00, RDSB: 1589.00 down 81.00
NYSE: 31/10/08
XOM: 75.05 up 0.40 (Trading in USD)
THE MARKETS: 31/10/08
FTSE100: 4,291.65 up 49.11, FTSE250: 6,223.78 up 234.67, SmallCap: 1,923.06 up 34.71
DJI: 8,990.96 down 74.16, NASDAQ: 1,657.21 up 7.74, S&P500: 930.09 down 10.42
INTERNATIONAL DEVELOPMENTS:
REGIONAL DEVELOPMENTS:
(Bolivia)
The new Bolivia Oil & Gas Report forecasts that the country will account for 0.76% of Latin American regional oil demand by 2012, while providing 0.58% of supply.
http://www.pr-inside.com/bolivia-oil-and-gas-report-q-r888398.htm
(Brazil)
In early September, President Luiz Inácio Lula da Silva enjoyed another chance to perform the famed ceremony reserved for Brazilian leaders: lifting his oil-covered hands from a barrel to commemorate another milestone in the country's energy industry. This time the celebration marked Brazil's first production from the pre-salt, the geological layer that optimists believe could house some of the world's largest reserves of oil and natural gas.
http://www.energytribune.com/articles.cfm?aid=998
Petroleo Brasileiro SA (NYSE: PBR) shares soared higher after dropping substantially over the past few months. Lower oil prices have caused concern that deep water drillers like Petrobras are not only making less money, but may have relied on higher estimates in order to justify new expensive projects
http://investerms.com/index.php?news=726&VivvoSessionId=4c9aa64d4909fed62c999
(Ecuador and Venezuela)
Mérida, October 29, 2008 (venezuelanalysis.com)-- The president of Venezuela, Hugo Chávez, and Ecuadoran President Rafael Correa met in the Amazonian town of Puyo, Ecuador, on Tuesday to review ongoing bi-national cooperation initiatives and to discuss Latin American integration as a response to the world economic crisis.
http://www.venezuelanalysis.com/news/3912
(Venezuela)
PDVSA Gas has awarded Saipem the contract for the Dragon – CIGMA pipeline in the Mariscal Sucre complex offshore northeast Venezuela.
http://www.petroleumworld.com/story08103015.htm
LOCAL DEVELOPMENTS:
(Chile)
GeoPark Holdings Limited ("GEOPARK" or the "Group"), the Latin American oil and gas exploration and production company with producing properties in Chile and Argentina (AIM: GPK), is pleased to announce the successful testing and commencement of production from the new Dicky 15 well on the Fell Block in Chile. GEOPARK operates and owns a 100% working interest in the Fell Block.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=2005695&source=RNS
(Global Petroleum)
Texon Petroleum Limited (ASX:TXN) have advised that the first well on the Leighton prospect - Peeler #1 has tested oil and gas at an unstablised rate of approximately 400 barrels of oil equivalent per day (boepd) comprising some 250bopd and 900 mcf of gas per day and 90 barrels per day of water through a quarter inch choke at a flowing pressure at the surface of about 1,500psi.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=2005705&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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