Falklands : Hydrocarbons Daily Record Monday, 16 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 17.06.2008 (Article Archived on 01.07.2008)
Two factors helped to decrease the price of crude today. One was the decrease in the price at which Kuwait and Iran will export their oil. Some articles say it could be about 50Cents per barrel. Another factor is the rumoured increase of production that could come out or the energy summit due to take place in Saudi Arabia on 22 June.
Adding to the price fluctuations of crude recently is the strength and/or weakness of the US Dollar. Crude is traded in US Dollars and investors add dollars and cents per barrel of crude depending on the US Dollar’s weakness.
HYDROCARBONS DAILY RECORD MONDAY, 16 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 16 June 2008 Light Sweet Crude was trading at $133.88 down 88 Cents on the New York Mercantile Exchange. Brent Crude was trading at $134.71 down 40 Cents on London’s ICE Futures Market.
ANALYSIS:
Two factors helped to decrease the price of crude today. One was the decrease in the price at which Kuwait and Iran will export their oil. Some articles say it could be about 50Cents per barrel. Another factor is the rumoured increase of production that could come out or the energy summit due to take place in Saudi Arabia on 22 June.
Adding to the price fluctuations of crude recently is the strength and/or weakness of the US Dollar. Crude is traded in US Dollars and investors add dollars and cents per barrel of crude depending on the US Dollar’s weakness.
Adding to the price fluctuations of crude recently is the strength and/or weakness of the US Dollar. Crude is traded in US Dollars and investors add dollars and cents per barrel of crude depending on the US Dollar’s weakness. The money is taken away if the US Dollar is stronger.
RELATED ARTICLES:
(Crude Export Price Reduced)
Iran and Kuwait have reduced the price of crude oil for export.
http://www.worldtribune.com/worldtribune/WTARC/2008/me_oil0247_06_16.asp
(Increased Output)
The impetus for the meeting and potential increase in output is a Saudi concern around “price destruction” for its prized export, according to Eric Wittenauer, an energy analyst with A.G. Edwards.
http://www.canadianbusiness.com/markets/commodities/article.jsp?content=20080616_150609_10780
(Strengthening US Dollar)
A strengthening US dollar undercut energy prices June 13 despite talk of yet another hike in Saudi Arabia crude production for a total increase of as much as 500,000 b/d in July. Saudi officials previously had promised to increase production by 300,000 b/d in July. However, Saudi representatives indicated to United Nations officials last week that they might increase output by another 200,000 b/d.
http://www.ogj.com/display_article/331833/7/ONART/none/GenIn/1/MARKET-WATCH:-Dollar-continues-to-influence-oil-prices/
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 16 June 2008.
TLW: 899.00 up 12.00, DES: 83.00 down 2.00, FOGL: 150.50 unchanged RKH: 95.75 up 0.25, BOR: 89.50 down 1.00 PRE: 13.25 down 0.25, GBP: 8.00 unchanged, GPK: 408.00 up 5.00, BLT 1865.00 up 13.00, RDSA: 2059.00 up 14.00 RDSB: 2025.00 up 18.00.
New York Stock Exchange:
XOM: 88.14 down 0.22
THE MARKETS (16/06/08)
FTSE100: 5,794.60 down 8.18, FTSE250: 9,635.50 down 16.84 SmallCap: 3,010.90 down 2.58
DJI: 12,269.08 down 38.27 NASDAQ: 2,474.78 up 20.28 S&P500: 1,360.14 up 0.11
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 06/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
OSLO (Thomson Financial) - StatoilHydro ASA said oil production from its Oseberg field centre in the North Sea has been temporarily cut by 150,000 barrels per day following yesterday's fire on the Oseberg A platform.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/16/afx5119111.html
REGIONAL DEVELOPMENTS:
(Argentina)
June 16 /PRNewswire-FirstCall/ -- Apco Argentina Inc. today announced that the company has reached an agreement with the purchaser of its Medanito crude oil production from the Neuquen basin that increases its sales price from $42 per barrel to $47 per barrel. The agreement is effective
http://www.earthtimes.org/articles/show/apco-argentina-reports-new-oil-price-agreement,434840.shtml
(Bolivia)
La Paz, Jun 16 (Prensa Latina) The Bolivian demand for a way out to the Pacific sea tops the joint sessions opened Monday with the presence of Chilean experts, who will assess a 13-point agenda agreed two years ago.
http://www.plenglish.com/article.asp?ID={1392EC86-2D1C-46F0-8094-A4BB24C284F2})&language=EN
(Brazil)
Owners of offshore support vessels (OSVs) working in the Central and South American markets continue to reap the benefits of strong demand for their services brought on by regional operators' needs to boost oil and gas production. In addition, Petrobras has shaken up the market with an announcement that will lead to a new vessel construction boom in Brazil.
http://www.energycurrent.com/index.php?id=2&storyid=11219
(Colombia)
Loon Energy Inc. ("Loon" or "Company") (TSX VENTURE:LEY) announces that the Delta-1 sidetrack has been cased and the initial indications are that the well is capable of oil production.
http://www.marketwire.com/mw/release.do?id=869147
(Ecuador)
The strategy of Ecuador’s President Rafael Correa to expand the government’s take of oil production is facing major setbacks, as talks with foreign energy companies are taking longer than expected. The March 8 deadline for companies to finalize an agreement with the state came and went without announcement.
http://www.energytribune.com/articles.cfm?aid=925
(Venezuela)
Petroleos de Venezuela, the most solid state-run oil industry in Latin America, is engine of the political and economic changes led by President Hugo Chavez.
http://www.plenglish.com/article.asp?ID=%7B8277183C-3EA4-4293-9590-72AABBC028DA%7D)&language=EN
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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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