Falklands : Hydrocarbons Daily Record Wednesday, 13 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 14.08.2008 (Article Archived on 28.08.2008)
Crude prices increased today on inventory data. Though gasoline stocks have decreased they are up by 900,000 barrels from what they were last year at this time. Consumption has decreased and according to the Department of Energy Administration weekly inventory report and the trend is expected to continue.
HYDROCARBONS DAILY RECORD WEDNEDAY, 13 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 13 August 2008 Light Sweet Crude was trading at $116.00 up $2.99 on the New York Mercantile Exchange. Brent Crude was trading at $114.60 up $3.46 on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased today on inventory data. Though gasoline stocks have decreased they are up by 900,000 barrels from what they were last year at this time. Consumption has decreased and according to the Department of Energy Administration weekly inventory report and the trend is expected to continue.
There is no need to refine more gasoline with demand decreasing and therefore the fears causing today’s crude price increases were unjustified.
Refineries, for various reasons, were running at 85.9% of capacity with last year’s capacity being 91.8%. If there were going to be any concerns, it would be refinery capacity that would generate them. However, it is possible that they are have only been given 85.9% of what they normally get to refine. If demand goes down there isn’t the need to refine as much.
RELATED ARTICLE:
(Crude Prices)
Oil prices rallied Wednesday after official data showed a surprisingly sharp drop in US stockpiles of motor fuel amid the peak demand season for gasoline in the United States.
http://afp.google.com/article/ALeqM5gxhOHR3IOWN1f0hCoztqlexsEMMg
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 13 August 2008.
TLW: 696.00 up 18.00, DES: 75.00 down 0.75, FOGL: 110.00 down 2.50 RKH: 59.50 down 1.50, BOR: 58.75 down 2.75 PRE: 12.00 down 0.25 GBP: 7.13 unchanged, GPK: 419.00 unchanged, BLT 1470.00 down 18.00, RDSA: 1808.00 down 2.00, RDSB: 1770.00 down 2.00
New York Stock Exchange:
XOM: 77.83 up 0.85 (Trading in USD)
THE MARKETS (13/08/08)
FTSE100: 5,448.60 down 85.86 FTSE250: 9,109.50 down 181.66 SmallCap: 2,813.70 down 0.61
DJI: 11,532.96 down 109.51 NASDAQ: 2,428.62 down 1.99 S&P500: 1,285.82 down 3.77
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 01/08/08
Declines in U.S. Petroleum Consumption Expected to Continue
If you feel like you’ve been economizing by driving less and adjusting your thermostat more, you’re not alone. Total U.S. petroleum consumption reported in today’s Weekly Petroleum Status Report (WPSR) is once again lower than the same week last year.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Arctic)
The USGS estimates that about 13 percent of the undiscovered conventional resources are to be found north of the Arctic Circle, and that some 300 billion barrels of oil equivalents may be discovered in the area the next decades, a newsletter from the International Geological Congress reads.
http://www.barentsobserver.com/experts-dispute-figures-on-arctic-hydrocarbons.4501145-16149.html
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia will seek new operators for its natural-gas fields if the companies currently managing the concessions fail to make more investments, El Economista reported, citing President Evo Morales.
http://www.bloomberg.com/apps/news?pid=20601086&sid=atE9XMTdn1nY&refer=latin_america
(Brazil)
Brazil's federal energy company Petrobras plans to increase oil production by 460,000 b/d by the end of 2008, company CFO Almir Barbassa said at a press conference in Rio de Janeiro, according to BNAmericas.
http://www.energycurrent.com/index.php?id=2&storyid=12428
(Colombia)
Pan Andean, the AIM-listed oil & gas producer, reports the successful completion of a critical new 2D seismic survey in the Antorcha Block.
http://www.scandoil.com/moxie-bm2/news/pan-andean-completes-2d-seismic-programme-on-antor.shtml
(Ecuador)
Ecuador's oil and mining minister says the country wants to work with Venezuela and Chile to explore for natural gas in the Gulf of Guayaquil.
http://www.petroleumworld.com/story08081315.html
Ecuadorian Minister of Mines and Petroleum Galo Chiriboga has urged the Organization of Petroleum Exporting Countries (OPEC) not to change their oil output despite drop in international crude prices.
http://www.chinadaily.com.cn/world/2008-08/13/content_6931216.htm
(Peru)
Chinese state oil firms are readying bids for Petro-Tech Peruana, a privately held oil company with offshore assets in Peru which could fetch $1.5-2.5 billion, sources with knowledge of the situation said.
http://www.hemscott.com/news/static/tfn/item.do?newsId=66179004488783
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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