Falklands : Hydrocarbons Daily Record Sunday, 03 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 04.08.2008 (Article Archived on 18.08.2008)
Worries about a new round of Iran sanctions caused an increase in crude prices on Friday. Fear that Iran is making enriched nuclear fuel for an atomic warhead outweighs declining demand as a factor in crude prices.
HYDROCARBONS DAILY RECORD SUNDAY, 03 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 01 August 2008 Light Sweet Crude was trading at $125.10 up $1.02 on the New York Mercantile Exchange. Brent Crude was trading at $124.18 up 20 Cents on London’s ICE Futures Market.
ANALYSIS:
Worries about a new round of Iran sanctions caused an increase in crude prices on Friday. Fear that Iran is making enriched nuclear fuel for an atomic warhead outweighs declining demand as a factor in crude prices. HDR has maintained that a measured approach to the so called threat, rather than outright fear or worry will produce better results and lower crude prices. The jury is out as to whether sanctions against Iran are working.
RELATED ARTICLES:
(Results of Weakening Demand)
General Motors Corp., Ford Motor Co. and Toyota Motor Corp.'s July U.S. sales declined as record gasoline prices damped demand for trucks and a slowing economy kept consumers away from dealer lots.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aZcVNzn61d0s&refer=us
(Iran)
Over the weekend, Iran failed to respond to an informal two-week deadline to give a yes-or-no answer to negotiations on dismantling critical parts of its nuclear program. It was instead busy unleashing a flurry of diplomatic and military activity to bolster its position
http://www.latimes.com/news/nationworld/world/la-fg-iran4-2008aug04,0,2845838.story
World oil prices faced a roller coaster ride this week, tumbling on US demand concerns before rocketing higher on resurgent fears about West's ultimatum to Iran over the latter's nuclear energy programs, traders said.
http://english.farsnews.com/newstext.php?nn=8705131021
(Measured Response)
Analysts speculate about the danger of a U.S. or Israeli military attack on Iran before the Bush administration departs office next January. But if you read the tea leaves carefully, the evidence is actually pointing in the opposite direction.
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/01/AR2008080102872.html
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 01 August 2008.
TLW: 784.00 down 3.50, DES: 82.25 down 1.00, FOGL: 128.00 unchanged RKH: 71.00 up 3.75, BOR: 74.00 up 0.50 PRE: 11.25 unchanged GBP: 7.13 unchanged, GPK: 415.00 down 4.00, BLT 1605.00 down 88.00 RDSA: 1780.00 down 19.00, RDSB: 1750.00 down 32.00
New York Stock Exchange:
XOM: 79.72 down 0.71 (Trading in USD)
THE MARKETS (01/08/08)
FTSE100: 5,354.70 down 57.20 FTSE250: 8,839.90 down 16.83 SmallCap: 2,733.40 down 22.53
DJI: 11,326.22 down 51.70 NASDAQ: 2,310.96 down 14.59 S&P500: 1,260.31 down 7.07
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 25/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
OUTER SPACE:
Detection of liquid ethane in Ontario Lacus confirms a long-held idea that lakes and seas filled with methane and ethane exist on Titan," said Larry Soderblom of the U.S. Geological Survey, Flagstaff, Ariz.
http://www.astrobio.net/news/modules.php?op=modload&name=News&file=article&sid=2829&mode=thread&order=0&thold=0
INTERNATIONAL DEVELOPMENTS:
(Australia)
The joint venture will drill an exploration well on the Rockhopper prospect and an appraisal well on the 2004 Trefoil gas discovery.
http://www.energycurrent.com/index.php?id=2&storyid=12209
(Europe and South America)
The Bolivarian Republic of Venezuela signed 10 agreements on energy, telecommunications, and health, among others, with Russia, Belarus, Portugal, and Spain, which was the result of the tour carried out by the President Hugo Chávez on July.
http://www.webnewswire.com/node/445355
(India)
UK-based exploration and production company Tullow Oil has announced that its C1 well, located in Block CB-ON-1 in the Cambay Rift Basin offshore India, has failed to encounter hydrocarbons.
http://www.tradingmarkets.com/.site/news/Stock%20News/1800203/
(Nigeria)
The field is expected to reach plateau production of 250,000 barrels of oil a day by late 2009. Total field reserves are estimated at around 900 million barrels oil equivalents.
http://www.euro-petrole.com/ne_03_actualite_i_details.php?idNews=2553
(North Sea Oil)
Lundin Petroleum AB discovered oil and natural gas in the Torphins prospect in the central UK North Sea.
http://www.ogj.com/display_article/335946/7/ONART/none/ExplD/1/Lundin-finds-oil,-gas-on-Torphins-prospect-in-UK-North-Sea/
REGIONAL DEVELOPMENTS:
(Bolivia)
With the August 10 recall referendum on Bolivian President Evo Morales and eight out of nine prefects (governors) approaching, the Movement Towards Socialism (MAS) government, together with the social movements, has launched an offensive against attempts by the right-wing opposition to prevent the electoral process going ahead.
http://www.greenleft.org.au/2008/761/39322
(Ecuador)
PetroEcuador, the state-owned oil company of Ecuador, has signed an agreement with Oil and Natural Gas Corporation (ONGC) to transfer data on seven oil and gas blocks in Ecuador to enable the Indian firm to prepare a proposal for exploration and production vis-a-vis the blocks.
http://www.telegraphindia.com/1080802/jsp/business/story_9635480.jsp
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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