Falklands : Hydrocarbons Daily Record Thursday, 19 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 20.06.2008 (Article Archived on 04.07.2008)
Crude prices declined significantly today due to the announcement by the Government of the People’s Republic of China that fuel prices would increase by 18%. The other factor is the 200,000 barrel per day increase in production that Saudi Arabia has promised.
HYDROCARBONS DAILY RECORD THURSDAY, 19 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 19 June 2008 Light Sweet Crude was trading at $131.93 down $4.75 on the New York Mercantile Exchange. Brent Crude was trading at $132.20 down $4.24 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined significantly today due to the announcement by the Government of the People’s Republic of China that fuel prices would increase by 18%. The other factor is the 200,000 barrel per day increase in production that Saudi Arabia has promised.
HDR has long felt that when fuel prices rise, no matter what country the increase is in, demand will decrease. People everywhere know that to go into debt to fill a fuel tank is not the way forward, so they will economise in whatever way possible.
HDR also feels that using alternative energy will not only help ease the price of crude but it will also benefit the climate.
RELATED ARTICLES:
(18% Fuel Price Rise in China)
Oil fell sharply on Thursday afternoon after China announced it will raise petrol and diesel prices from Friday, the official Xinhua news agency reported, quoting the country's top economic planner.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/19/afx5134047.html
Crude oil prices fell Thursday after China announced that it will raise fuel prices starting on Friday.
http://www.oilmarketer.co.uk/2008/06/19/wti-drops-nearly-5-china-to-raise-fuel-prices/
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 19 June 2008.
TLW: 898.50 up 6.50, DES: 89.25 down 0.25, FOGL: 149.00 down 1.50 RKH: 95.00 down 0.75, BOR: 100.50 down 3.50 PRE: 13.50 up 0.50, GBP: 8.00 unchanged, GPK: 406.50 down 1.50, BLT 1950.00 up 25.00, RDSA: 1988.00 down 29.00 RDSB: 1947.00 down 23.00
New York Stock Exchange:
XOM: 85.79 down 2.04 (Trading in USD)
THE MARKETS (19/06/08)
FTSE100: 5,708.40 down 48.45, FTSE250: 9,446.60 down 88.16 SmallCap: 2,985.30 down 24.39
DJI: 12,063.09 up 34.03 NASDAQ: 2,462.07 up 32.36 S&P500: 1,342.83 up 5.02.
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 13/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
HYDROCARBONS RESEARCH:
By MD Drysdale An entirely new kind of aerosol system, that uses clean air instead of earth-warming hydrocarbons to propel the product out of the can, ...
(Note: This item requires subscription)
http://www.rherald.com/News/2008/0619/Front_page/f01.html
INTERNATIONAL DEVELOPMENTS:
(Iraq)
GLOBAL oil giants are preparing to return to Iraq after being chased out of the oil-rich country 36 years ago by the late dictator Saddam Hussein.
http://www.news.com.au/business/story/0,23636,23893527-31037,00.html
(North Sea Oil)
Bladt Industries has entered into an engineering, procurement, construction and installation contract with DONG Energy for a platform for the Nini East field in the North Sea.
http://www.energycurrent.com/index.php?id=2&storyid=11333
(United States and Mexico)
American oil companies are salivating as Mexico’s president, Felipe Calderón, tries to push the state-owned oil company, Petróleos Mexicanos (PEMEX), towards privatisation.
http://www.coha.org/2008/06/demerits-of-pemex-privatization/
REGIONAL DEVELOPMENTS:
(Brazil)
Petrobras has announced that drilling at the Peroba prospect has revealed a dry well. The well is in the BM-CAL-6 block in the Camamu-Almada basin, 20 kilometers (12.4 miles) offshore Brazil. The Peroba well is in 1,170 meters (9,186 ft) of water.
http://www.energycurrent.com/index.php?id=2&storyid=11336
Petro Vista has accumulated a large asset base of over 230,000 gross acres across 17 blocks in proven hydrocarbon basins of Colombia and Brazil.
http://www.oilvoice.com/n/Petro_Vista_Provides_Operations_Update_for_Brazil_and_
Colombia/dc28bd0b.aspx
It's been one week now that Brazil's government owned oil corporation Petrobras announced the discovery of yet another field of light oil, in ultra deep waters of Santos Basin. The well known as Guará in the BM-S-9 block encountered oil with specific gravity of 28° API (American Petroleum Institute) in pre salt reservoirs, according to the official release.
http://www.brazzilmag.com/content/view/9451/1/
(Colombia)
Amerisur Resources Plc. said it has been appointed operator of the Platanillo contract in Colombia.
http://www.hemscott.com/news/static/tfn/item.do?newsId=65006477928498
(Ecuador)
State run oil companies of Ecuador and Venezuela will commence construction on Refineria del Pacifico-CEM- a new 300,000 bpd refinery and petrochemical complex in Manabi, very shortly.
http://www.plastemart.com/plasticnews_desc.asp?news_id=12364&P=P
(Uruguay)
“The ANCAP refinery is putting up the price of fuel oil by $50 per metric tonne from Sunday,” said a source close to the market. He said the bunker prices ...
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http://www.bunkerworld.com/news/2008/06/72121
(Venezuela)
Venezuelan state energy company PDVSA has begun drilling its first offshore natural gas well at the Dragon field, part of the Mariscal Sucre project off Venezuela, according to media reports.
http://www.petroleumworld.com/story08061916.htm
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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