Falklands : Hydrocarbons Daily Record Sunday, 02 November 2008
Submitted by Falkland Islands News Network (Juanita Brock) 03.11.2008 (Article Archived on 17.11.2008)
It is said that demand is the key to crude prices, so it is with nervousness that measures meant to increase prices are used to stabilise prices have been implemented by OPEC.
HYDROCARBONS DAILY RECORD SUNDAY, 02 NOVEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 31 October 2008 Light Sweet Crude was trading at $67.81 up $1.85 on the New York Mercantile Exchange. Brent Crude was trading at $65.32 up $1.61 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:
It is said that demand is the key to crude prices, so it is with nervousness that measures meant to increase prices are used to stabilise prices have been implemented by OPEC. The general public would like hydrocarbons product prices to come down to a level they can afford. Those who built the market have stopped taking holidays, unnecessary road trips and super-heated homes in the winter. Add to that cutting off air-conditioning in the summer and countless cold meals and you will find that demand will go down even further.
Product prices have not reflected the decrease in crude prices. Here in the Falklands there has been another 2p put on KERO – bringing it to 74p per litre. People on fixed incomes who are not entitled to any fuel subsidy at all will feel the pinch as they have seen a three fold increase in the cost of heating in as many years. Instead of ordering 300 litres to last a month, they are making it last for two months by taking fewer baths/showers and turning the thermostats down as well as insulating their homes. The discouraging thing is that there is no savings because every time demand goes down the price goes up to exceed losses. We are at wits end.
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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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