Falklands : Hydrocarbons Daily Record Monday, 04 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 05.08.2008 (Article Archived on 19.08.2008)
Relief over tropical storm Edouard missing some of the oil infrastructure in the Gulf of Mexico has caused the price of crude to decline significantly today.
HYDROCARBONS DAILY RECORD MONDAY, 04 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 04 August 2008 Light Sweet Crude was trading at $121.49 down $3.69 on the New York Mercantile Exchange. Brent Crude was trading at $120.24 down $3.94 on London’s ICE Futures Market.
ANALYSIS:
Relief over tropical storm Edouard missing some of the oil infrastructure in the Gulf of Mexico has caused the price of crude to decline significantly today. However, things could turn nasty very quickly. Weather can be a factor in the calculation of crude prices but pressure to increase them should not be valid unless a storm enters the Gulf of Mexico. This time it has but it’s a tropical storm and not a hurricane that will be hitting somewhere along the Texas Louisiana coast.
Crude prices are falling but they are still extortionately high. Hopefully the people who buy in reserves will be able to take advantage of lowering crude prices but people will not see product prices decreasing until crude bought at higher prices is used up and lower prices are passed on.
It is hoped that there can be some safeguards against crude prices rising to record levels again as extortionate prices hurt the economies of all countries dependant on hydrocarbons products. Meanwhile people need to practice efficiency in using crude products and to seek alterative energy whenever and wherever possible so that they can stay warm and have transport if crude prices skyrocket again.
Please visit the links about the global geological map. This is an important development that could help us better understand the geology of our planet and about where hydrocarbons come from.
RELATED ARTICLE:
(Crude Prices)
Crude oil prices plunged briefly below 119 dollars a barrel on Monday for the first time in three months as Tropical Storm Edouard was set to spare energy facilities in the Gulf of Mexico, traders said.
http://afp.google.com/article/ALeqM5hYZPxCMFzxBoNAAR5KDHizGOUcfw
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 04 August 2008.
TLW: 767.50 down 16.50, DES: 79.50 down 2.75, FOGL: 125.50 down 2.50 RKH: 70.75 down 0.25, BOR: 74.75 up 0.75 PRE: 11.25 unchanged GBP: 7.13 unchanged, GPK: 419.00 up 4.00, BLT 1531.00 down 74.00, RDSA: 1777.00 down 3.00, RDSB: 1736.00 down 14.00
New York Stock Exchange:
XOM: 76.44 down 3.48 (Trading in USD)
THE MARKETS (04/08/08)
FTSE100: 5,330.20 down 34.47 FTSE250: 8,787.40 down 52.50 SmallCap: 2,741.00 up 7.56
DJI: 11,284.15 down 42.17 NASDAQ: 2,285.56 down 25.40 S&P500: 1,249.03 down 11.28
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 25/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
IMPORTANT DEVELOPMENT:
Scientists from across the world have joined forces to create a global geological map of over 80 nations, which from this week is accessible online.
http://news.icm.ac.uk/business/utilities/world%E2%80%99s-first-online-geological-map-goes-live/595/
Scientists from across the world have joined forces to create a global geological map of over 80 nations, which from this week is accessible online.
http://www.onegeology.org/
Geological surveys who wish to serve the geological map data of their nations to the One-Geology portal should contact onegeology@bgs.ac.uk.
One-Geology is an International Year of Planet Earth flagship initiative of 80 Geological Surveys around the world, supported by the major global geo-science bodies.
http://www.onegeology.org/igc/Plenary.html
INTERNATIONAL DEVELOPMENTS:
(Canada)
-- Ivanhoe Energy Inc., a Canadian oil and natural-gas producer, will begin production of crude in Ecuador in nine months, Quito-based newspaper El Comercio reported, citing Luis Jaramillo, president of PetroEcuador, the country's state-owned oil company.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aiXn.ilm4Hs8&refer=canada
(Mexico and Spain)
This issue was overcome once Repsol YPF signed the off-take agreement for the entire project and secured a deal to sell LNG to Mexico
http://www.euromoney.com/Article/1990862/BackIssue/65741/Project-finance-Record-financing-for-Peruvian-LNG-project-.html
(North Sea)
Scott is shut down for maintenance,'' Tim Chatten, a Nexen spokesman, said today in an e-mailed statement, without indicating when the field halted production or when it will start.
http://www.bloomberg.com/apps/news?pid=20601082&sid=a47hFy8MGmnU&refer=canada
REGIONAL DEVELOPMENTS:
(Bolivia)
The Bolivian Tax Oil Fields (YPFB) expect to recover this year some 50 wells to increase the production of hydrocarbons, an official source reported Monday.
http://www.plenglish.com/article.asp?ID=%7B08AEA62F-99B9-4C69-94B6-FC816F873E28%7D)&language=EN
(Brazil)
An oil workers union says it has reached an agreement with government-run oil company Petrobras over compensation for travel time to and from oil rigs, averting a strike threatened for Tuesday.
http://www.iht.com/articles/ap/2008/08/04/business/LA-Brazil-Oil-Strike.php
(Chile)
With winter upon us in the southern hemisphere, some are worried that fragile power systems in the Southern Cone will not be able to withstand increased demand.
http://www.bnamericas.com/perspectives_qa.jsp?sector=10&idioma=I&documento=589974&estado=3§or_pag=0
New Zealand oil explorer Greymouth Petroleum and other foreign firms that won bids to explore for crude oil and gas in the southernmost regions of Chile will begin drilling in August, says Mining Minister Santiago Gonzalez.
http://www.nbr.co.nz/article/greymouth-petroleum-start-exploration-chile-33551
(Venezuela)
An "important operational emergency" took place in state oil company Petróleos de Venezuela (Pdvsa) exactly one year...
http://english.eluniversal.com/2008/08/04/en_eco_art_venezuela-sends-oil_04A1875719.shtml
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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