Falklands : Hydrocarbons Daily Record Wednesday, 06 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 07.08.2008 (Article Archived on 21.08.2008)
Crude prices decreased again today due to a rise of 1.7 million barrels of crude from the last inventory report on 25 July 2008.
HYDROCARBONS DAILY RECORD WEDNESDAY, 06 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 06 August 2008 Light Sweet Crude was trading at $118.58 down 59 Cents on the New York Mercantile Exchange. Brent Crude was trading at $117.81 down 45 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices decreased again today due to a rise of 1.7 million barrels of crude from the last inventory report on 25 July 2008. Gasoline stocks are up 6.2 million barrels from what they were last year at this time when crude prices were at $72.77 for Light Sweet Crude and $71.68 for Brent Crude
Stocks of Gasoline have been consistently above what they were last year at this time when crude prices – high by any standard – were a lot less than what they are today. Summer drive season is nearing an end and less has been consumed this year than last. It shows a decided downturn in demand due to excessive prices at the pump.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 06 August 2008.
TLW: 733.00 down 2.00, DES: 79.50 up 2.25, FOGL: 120.00 up 1.50 RKH: 66.75 up 0.75, BOR: 71.25 down 3.50 PRE: 11.25 unchanged GBP: 7.13 unchanged, GPK: 419.00 unchanged, BLT 1550.00 up 36.00, RDSA: 1777.00 up 10.00, RDSB: 1743.00 up 21.00
New York Stock Exchange:
XOM: 78.33 down 0.02 (Trading in USD)
THE MARKETS (06/08/08)
FTSE100: 5,486.10 up 37.63 FTSE250: 9,131.50 up 55.80 SmallCap: 2,802.90 up 28.94
DJI: 11,656.07 up 40.30 NASDAQ: 2,378.37 up 28.54 S&P500: 1,289.18 up 4.30
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 01/08/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
Wavefield Inseis ASA The high capacity 3D vessel M/V Geowave Endeavour was delivered from Fosen Yard and taken on a 7 year time-charter from Volstad Maritime in July 2008. The vessel mobilised for their first large 3D contract with oil and gas major BG Norge on July 28th and the vessel was fully operational and in steady production on August 6th with 10 solid streamers of 6km length.
http://www.abnnewswire.net/press/en/55314/WAVE_New_High_Capacity_3D_Vessel_
Delivered_And_Successfully_InProduction_As_Scheduled.html
Record oil prices have not only swelled Treasury coffers but have also been seized upon by Alex Salmond to demand that Scotland receives a share of the windfall to boost public expenditure north of the border.
http://www.theherald.co.uk/features/editorial/display.var.2419388.0.Scotland_and_oil.php
(Uganda)
Exploration company Tullow Oil said it has found oil and gas reserves in an exploration well in Uganda.
http://www.irishtimes.com/newspaper/breaking/2008/0806/breaking27.htm
REGIONAL NEWS:
(Argentina)
CORDOBA, ARGENTINA, Aug 06, 2008 (MARKET WIRE via COMTEX) ----Researched by Industrial Info Resources (Sugar Land, Texas) -- On August 4, Petrobras' (NYSE:PBR) Repar refinery (Araucaria, Parana, Brazil) began a full plant turnaround that includes all of the refinery's units.
http://www.foxbusiness.com/story/markets/industries/energy/petrobras-refinery-shuts-maintenance-work-industrial-info-news-alert/
Argentina's Merval stock index rose 3.45% Wednesday to 1871.66, as shares of heavyweight energy companies surged on stronger-than-expected earnings.
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=e4b5c129-1e96-460f-8606-52581ad03c54
(Bolivia)
President Evo Morales, whose leadership is the subject of Sunday's referendum, announced Bolivia's state-owned energy company YPFB and its Venezuelan ...
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http://www.upi.com/Energy_Resources/2008/08/06/Analysis_Bolivia_Venezuela_bolster_gas/UPI-42111218036479/
(Brazil)
-Chevron Corp., the second-largest U.S. oil company, plans to start pumping crude from a $2.8 billion offshore project in Brazil early next year to help stem declines in production.
http://www.bloomberg.com/apps/news?pid=20601086&sid=azeOAgaLy.JE&refer=latin_america
Brazil, the leading company in the thermoplastic resins industry in Latin America and third-largest resin producer in the Americas, announced today its results for the second quarter of 2008 (2Q08).
http://www.marketwatch.com/news/story/braskem-reports-second-quarter-results/story.aspx?guid=%7B1AE3D03E-53D2-4D95-B89B-7B1B248F31C8%7D&dist=hppr
(Colombia)
Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleased to announce that the Costayaco-5 well, a down dip field delineation well located approximately 1,120 meters west of Costayaco-2 and 1,060 metres north west of Costayaco-1, has been successfully drilled, logged and cased. Initial evaluation indicates that Costayaco-5 has potential oil pay in four separate formations.
http://www.foxbusiness.com/story/markets/industries/energy/solana-resources-limited-solana-company---costayaco--drilling--operations/
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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