Falklands : Hydrocarbons Daily Record Wednesday, 18 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 19.06.2008 (Article Archived on 03.07.2008)
The official reason why Light Sweet Crude prices increased significantly today is the mixed weekly inventory report from the US Department of Energy Administration. We are still up in gasoline supplies this year over last year at this time when crude prices ranged around $67.00 per barrel.
HYDROCARBONS DAILY RECORD WEDNESDAY, 18 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 18 June 2008 Light Sweet Crude was trading at $136.68 up $2.67 on the New York Mercantile Exchange. Brent Crude was trading at $132.83 down 89 Cents on London’s ICE Futures Market.
ANALYSIS:
The official reason why Light Sweet Crude prices increased significantly today is the mixed weekly inventory report from the US Department of Energy Administration. We are still up in gasoline supplies this year over last year at this time when crude prices ranged around $67.00 per barrel.
The Saudi production increase should have brought the price down but for reasons that speculators know they increased instead. Another factor that could have caused prices to go down is the opening up of offshore drilling in the United States.
What could have caused an increase in crude prices hasn’t been mentioned as a factor and that is the tight rig/drill-ship market and the fact that any exploration and extraction of crude offshore US would mean the availability of proper drilling equipment. Seismic surveys updating data already acquired takes time. Try five years to complete licensing and the seismic – and that’s a speedy estimate.
RELATED ARTICLES:
(Offshore Drilling in the United States)
As President Bush considers repealing a ban on drilling off most of the coast of the United States, a shortage of ships used for such drilling promises to impede any rapid turnaround in oil exploration. Slow growth in oil supplies has been a major factor in the spike in oil and gasoline prices.
http://www.nytimes.com/2008/06/19/business/19drillship.html?ref=business
(Drill Ship Shortages)
As President George W. Bush considers repealing a ban on drilling off most of the coast of the United States, a shortage of ships used for such drilling promises to impede any rapid turnaround in oil exploration
http://www.iht.com/articles/2008/06/18/business/ships.php
(Saudi Production Increase)
Oil prices softened Wednesday on news that US stockpiles had declined last week roughly in line with expectations and as the market mulled a possible output hike by Saudi Arabia. New York's main oil futures contract, light sweet crude for July delivery, fell $1.51 to $132.50 per barrel in late afternoon European trading.
http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=93278
(Inventory Report)
The inventory report was "somewhat mixed," said Eric Wittenauer at Wachovia Securities.
http://afp.google.com/article/ALeqM5iOsZyMxiFpCnjpZEh8rgE3DMH6BQ
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 18 June 2008.
TLW: 892.00 down 15.50, DES: 89.50 up 2.25, FOGL: 150.50 unchanged RKH: 95.75 unchanged, BOR: 104.00 up 8.00 PRE: 13.00 down 0.25, GBP: 8.00 unchanged, GPK: 408.00 unchanged, BLT 1925.00 down 11.00, RDSA: 2017.00 down 63.00 RDSB: 19.70 down 63.00.
New York Stock Exchange:
XOM: 87.83 down 0.79 (Trading in USD)
THE MARKETS (18/06/08)
FTSE100: 5,756.90 down 105.02, FTSE250: 9,534.80 down 189.08 SmallCap: 3,009.70 down 29.38
DJI: 12,029.06 NASDAQ: 2,429.71 down 28.02 S&P500: 1,337.81 down 13.12.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 13/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
GENERAL RESEARCH AND DEVELOPMENT
(Equipment Innovations)
Geotec, Inc. (PINKSHEETS: GETC) announcedtoday that it has compiled and prepared the documentation to file itsinitial patent applications. Drinker Biddle & Reath LLP of Berwyn,Pennsylvania has been engaged to file Geotec's patents in the United Statesand Worldwide.
http://www.istockanalyst.com/article/viewarticle+articleid_2294888~zoneid_Home~title_Geotec,-Inc-Completes.html
INTERNATIONAL DEVELOPMENTS:
(Canads)
The Alberta oil sands loom large in the minds of Canadians. The projects near Fort McMurray are providing thousands of high-paying jobs.
http://www.canadianminingjournal.com/issues/ISArticle.asp?id=85893&issue=06182008
(Norway)
Norwegian energy company StatoilHydro has entered into an agreement for a two-year extension of a current contract, on behalf of the Troll license partners, with Odfjell Drilling for the Deepsea Trym drilling rig.
http://www.redorbit.com/news/business/1438893/statoilhydro_secures_twoyear_extension_for_deepsea_trym_rig/
(Spain)
Over 100 CEOs confirmed for 19th WORLD PETROLEUM CONGRESS-WPC Plenaries, Ministerial Sessions, Round Tables and Special Sessions, to take place in Madrid, Spain, from June 19th to 3rd of July.
http://www.petroleumworld.com/story08061811.htm
(United States)
President George W. Bush's proposal to end a long-standing ban on oil drilling off the U.S. coasts could be a boon for oil companies and the service companies that help them drill for oil and natural gas.
http://uk.reuters.com/article/allBreakingNews/idUKN1837901520080618
REGIONAL DEVELOPMENTS:
(Argentina)
Argentina's Tax Dispute, Bolivia Gets Sea Access, and LatAm's Fuel Subsidies
Note: This item requires registration
http://www.as-coa.org/article.php?id=1109
(Argentina and Suriname)
SURINAME: Repsol YPF found that the West Tapir exploration well on Block 30 offshore Suriname did not contain any commercial hydrocarbons. The well was in 300 feet (91 m) of water, and was drilled to a depth of 12,700 feet (3,870 m) with Transocean semisubmersible Sovereign Explorer. Repsol is the operator of the block, while Noble Energy holds a 45 percent working interest.
http://www.energycurrent.com/index.php?id=2&storyid=11271
(Venezuela)
Venezuela is adjusting its oil industry mechanisms to increase crude production from 3.20 million barrels per day to 3.45 million barrels by the end of this year.
http://www.plenglish.com/article.asp?ID=%7BA74FB4E1-F722-4A81-9ABD-B1D022740343%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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