Falklands : Hydrocarbons Daily Record Tuesday, 05 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 06.08.2008 (Article Archived on 19.08.2008)
Today’s decrease in crude prices is due to weakening demand and relief over tropical storm Edouard not causing mega damage ain the US Gulf of Mexico.
HYDROCARBONS DAILY RECORD TUESDAY, 05 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 05 August 2008 Light Sweet Crude was trading at $119.17 down $2.24 on the New York Mercantile Exchange. Brent Crude was trading at $117.70 down $2.98 on London’s ICE Futures Market.
ANALYSIS:
Today’s decrease in crude prices is due to weakening demand and relief over tropical storm Edouard not causing mega damage ain the US Gulf of Mexico.
Hydrocarbons products remain at extortionately high prices and will do so for some while yet. It will take several rounds of buying in crude at decreasing prices for the resulting savings to be passed on to consumers.
Over the past several months an ever-increasing number of people have not been able to afford the luxury of adequate product supplies as their earnings had not kept up with the increasing cost of gasoline and heating fuel, etc. This means that it will take time for people to afford products even at lower prices and demand will fall off until more cost-effective prices are realised. With more people out of work or on reduced incomes, it will take time for demand to increase.
RELATED ARTICLE:
($100.00 Oil)
The roughly 400 million dollars (255 million euros) to be raised from the sale of this oil will be deposited in a bank account in Madrid, which will be used by Venezuela to pay for the imports, he said in an interview with Spanish public television TVE.
http://www.mmorning.com/ArticleC.asp?Article=6057&CategoryID=7
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 05 August 2008.
TLW: 735.00 down 32.50, DES: 77.25 down 2.25, FOGL: 18.50 down 7.00 RKH: 66.50 down 4.25, BOR: 71.25 down 3.50 PRE: 11.25 unchanged GBP: 7.13 unchanged, GPK: 419.00 unchanged, BLT 1514.00 down 17.00, RDSA: 1767.00 down 10.00, RDSB: 1722.00 down 14.00
New York Stock Exchange:
XOM: 78.35 up 1.75 (Trading in USD)
THE MARKETS (05/08/08)
FTSE100: 5,454.50 up 134.28 FTSE250: 9,075.70 up 288.29 SmallCap: 2,768.10 up 27.14
DJI: 11,615.77 up 331.62 NASDAQ: 2,349.83 up 64.27 S&P500: 1,284.88 up 35.87
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 25/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
Petrolia (CA:PEA: news, chart, profile) is pleased to announce the signing of a farm-out agreement in the amount of 20 million dollars with an Oil Company.
http://www.marketwatch.com/news/story/petrolia-signs-20-million-farmout/story.aspx?guid=%7B9958FA42-2549-46A0-9420-5B1EB69A8FF5%7D&dist=hppr
(Nigeria)
Brazilian energy major Petrobras has reported that production has commenced at the Agbami field offshore Nigeria.
http://www.istockanalyst.com/article/viewiStockNews+articleid_2473596&title=Petrobras_Reports.html
(North Sea Oil)
Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz) expects to resume production at its Scott and Telford oil and gas platform in the North Sea by the end of this week following about two weeks of scheduled maintenance, a spokeswoman said on Tuesday.
http://www.reuters.com/article/rbssEnergyNews/idUSN0532851620080805
(Poland)
Gold Point Energy Corp. (TSX-V:GPE) (Frankfurt:A0HGQ1) (the "Company" or "GPE") reported today that it has entered into a letter agreement ("Agreement") with Gas Plus International B.V. ("Gas Plus") to farm-in to a fifty percent working interest in Block 106 ("the Block") comprising 920 square kilometers (227,000 acres) located around the city of Szczecinekin in northwest Poland. GPE has agreed to pay approximately US$250,000 in back costs and US$135,000 in estimated exploration expenditures for the remainder of 2008, plus 100% of the cost of a US$2.5 million 3D seismic survey, to be acquired in early 2009, to earn a fifty percent working interest in the Block. GPE and Gas Plus will share 50:50 in any future costs of exploring and developing the Block including exploratory drilling on the Sylvia Prospect targeting 10 million barrels of potential oil reserves from the Zechstein Main Dolomite at approximately 3,500 meters (11,500 feet) and the previously-discovered Czarne gas field from the Rotliegend sandstone at approximately 3,100 meters (10,200 feet).
http://www.primenewswire.com/newsroom/news.html?d=147946
REGIONAL DEVELOPMENTS:
(Bolivia)
Over the last year, there has been an escalation in the political battles between the government of President Evo Morales and a conservative opposition, based primarily in the prefectures, or provinces.
http://mrzine.monthlyreview.org/ws040808.html
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.periodico26.cu/english/news_world/august2008/bolivia080408.html
(Brazil)
Petrobras SA and a subsidiary of Sevan Drilling AS, have signed a firm drilling contract for a newbuild drilling unit intended for operations off the coast of Brasil, in water depths down to 2,400 m.
http://subseaworld.com/contracts/petrobras-and-sevan-sign-firm-drilling-contract-02282.html
(Chile)
Chile state oil company ENAP on Monday inaugurated a new unit at its Aconcagua refinery to process some 20,000 barrels per day of heavy crude from Ecuador and Brazil to make diesel oil.
http://uk.reuters.com/article/oilRpt/idUKN0451330320080804
Chile expects to cut imports of diesel fuel by about 75 percent in the second half of the year after heavier rains made it possible to generate more hydro power.
http://www.guardian.co.uk/business/feedarticle/7700541
(Venezuela)
An "important operational emergency" took place in state oil company Petróleos de Venezuela (Pdvsa) exactly one year ago, as revealed Pdvsa's Vice-President of Exploration and Production Luis Vierma in the National Assembly. Such statements resulted in sharp criticism against the top officials of the Venezuelan oil giant.
http://english.eluniversal.com/2008/08/04/en_eco_art_venezuela-sends-oil_04A1875719.shtml
LOCAL DEVELOPMENTS:
(South Atlantic General)
Across the globe, reserves of oil and gas that were previously regarded as uneconomical are being actively explored and developed. From the Arctic to East Asia to the South Atlantic, untapped billions of barrels of oil are attracting the interests of energy companies and speculative finance capital, seeking to take advantage of the high price of crude oil.
http://www.countercurrents.org/green050808.htm
(Rockhopper Exploration)
The Company announces that copies of the Rockhopper Exploration plc Annual Report & Accounts 2008 and Notice of Annual General Meeting have been mailed to the Company's shareholders and are also available for collection from the Company's registered office at:
Rockhopper Exploration plc Hilltop Park Devizes Road Salisbury SP3 4UF
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1920214&source=RNS
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
IMPORTANT LINK:
http://www.onegeology.org/
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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