Falklands : Hydrocarbons Daily Record Monday, 03 November 2008
Submitted by Falkland Islands News Network (Juanita Brock) 04.11.2008 (Article Archived on 18.11.2008)
Traders taking profits helped crude prices to decline today.
HYDROCARBONS DAILY RECORD MONDAY, 03 NOVEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 03 November 2008 Light Sweet Crude was trading at $65.23 down $2.58 on the New York Mercantile Exchange. Brent Crude was trading at $62.14 down $3.18 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:
Traders taking profits helped crude prices to decline today.
Demand, of course, is the leading factor in the decreasing cost per barrel. People who depend on hydrocarbons products have waited patiently while crude prices have tumbled yet product prices are not coming down to match the fall in those prices. It’s frustrating for people who are just on the edge of not having enough money to heat their homes during the up-coming winter. Many households spend as much as 2/3rds of take-home pay on providing electricity and heating fuel. However a growing number of households have already reached the point where there is no money for lighting and heating.
One of the worst things you can do is to jack up prices when demand is declining. HDR understands why OPEC wants to cut production – why pump it if people aren’t going to buy the end product? However, to think that somehow people are going to buy end products when they can’t afford them is crazy.
RELATED ARTICLES:
(Crude Prices)
World oil prices slipped on Monday as traders took profits after a pre-weekend rally, and tracked concerns about the impact of a global recession on energy demand, analysts said.
http://afp.google.com/article/ALeqM5gUOhsM3IZKRopgGnygkgjig6nA2Q
AIM: 03/11/2008
TLW: 560.00 up 36.00, DES: 38.00 up 4.00, FOGL: 79.50 up 10.00 RKH: 28.00 up 2.50 BOR: 28.75 up 1.25, BPC: 3.00 unchanged, PRE: 8.50 down 0.13 GBP: 5.25 up 0.13, GPK: 290.00 up 10.00, BLT 1078.00 up 25.00 RDSA: 1746.00 up 49.00, RDSB: 1709.00 up 50.00
NYSE: 03/11/2008
XOM: 74.26 up 0.17 (Trading in USD)
THE MARKETS: 03/11/2008
FTSE100: 4,443.28 up 65.94, FTSE250: 6,443.71 up 161.16, SmallCap: 1,989.64 up 50.99
DJI: 9,321.03 down 3.98, NASDAQ: 1,726.33 down 2.45, S&P500: 966.31 up 5.38
INTERNATIONAL DEVELOPMENTS:
(United Kingdom)
BRITISH Prime Minister Gordon Brown yesterday visited Qatargas and the Pearl gas to liquids (GTL) projects at Ras Laffan.
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=252255&version=1&template_id=36&parent_id=16
(North Sea Oil)
Caribbean , South and Central America , the United States , West Africa , the Mediterranean, Europe and the North Sea
http://br.sys-con.com/node/734262
REGIONAL DEVELOPMENTS:
(Brazil)
Brazil-based Eletrobrás, Latin America’s largest holding company in the electricity sector, made its debut on the New York Stock Exchange on Friday. Its American Depositary Shares began trading under the ticker symbols EBR and EBR.B.
http://www.latinbusinesschronicle.com/app/article.aspx?id=2840
Brazilian national oil company Petrobras continues to develop its exploratory drilling program for pre-salt data acquisition at a rapid pace.
http://www.offshore-mag.com/display_article/344313/9/ONART/none/COMPN/1/Petrobras-digs-into-pre-salt-geology/
(Patagonia)
According to team member Prof. Gary Strobel of Montana State University, “The fungus can even make these diesel compounds from cellulose, which would make it a better source of biofuel than anything we use at the moment.”
http://gas2.org/2008/11/03/fungi-discovered-in-patagonia-rainforest-could-be-used-to-make-biodiesel/
A fungus found living in the rainforests of South America could be a new source of biofuel, scientists claim.
http://www.telegraph.co.uk/earth/main.jhtml?view=DETAILS&grid=&xml=/earth/2008/11/04/scifungus104.xml
(Peru)
Production in Peru's mining-and-hydrocarbons sector rose 5.42% in September, as the mining subsector increased 4.7%, the government said Monday.
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=13f90907-bf00-4d2f-b549-c5998c800d57
(Venezuela)
Venezuela announced Thursday that it will open up bidding next month for contracts to exploit four areas of its heavy-oil-producing Orinoco River belt — soon expected to jointly produce 400,000 barrels of crude per day.
http://www.iht.com/articles/ap/2008/10/31/business/LT-Venezuela-Oil-Auction.php
PDVSA and Gazprom will begin to drill a hole on the Venezuelan shelf as part of the Rafael Urdaneta project on Friday, November 7, the Venezuelan governmental press service quoted Venezuelan President Hugo Chavez as saying on Saturday.
http://www.istockanalyst.com/article/viewiStockNews+articleid_2759710.html
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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