Falklands : Hydrocarbons Daily Record Tuesday, 26 August 2008
Submitted by Falkland Islands News Network (Juanita Brock) 27.08.2008 (Article Archived on 10.09.2008)
Crude prices increased today due to Hurricane Gustav’s projected path into the Gulf of Mexico. According to press reports oil infrastructure and New Orleans could be in its path.
HYDROCARBONS DAILY RECORD TUESDAY, 26 AUGUST 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 26 August 2008 Light Sweet Crude was trading at $116.27 up $1.16 on the New York Mercantile Exchange. Brent Crude was trading at $114.63 up 60 Cents on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased today due to Hurricane Gustav’s projected path into the Gulf of Mexico. According to press reports oil infrastructure and New Orleans could be in its path. The storm is not expected in the Gulf of Mexico until Sunday
HDR often said that it is demand and not supply that should drive crude prices. We see by the inventory report that there is still more gasoline around than there was last year at this time, with the price higher and falling demand. Rather than “Pain at the Pump” HDR assumes it is more like a frontal assault that turns people without the money to pay (and there are ever more nowadays) away from the forecourt. People who can afford fuel buy less, hoping to make it last longer but end up paying the same price.
RELATED ARTICLES:
(Demand)
The ex-chief executive of BP PLC (BP) John Browne said Tuesday that he expects falling oil demand to bring oil prices down, rather than an increase of supply.
Speaking at the Offshore Northern Seas conference in Stavanger Norway, Browne said: "Oil demand, not supply, will peak oil."
http://www.easybourse.com/bourse-actualite/bp/ex-bp-ceo-browne-oil-demand-not-supply-will-peak-oil-GB0007980591-510323
(Hurricane Gustav)
Hurricane Gustav is strengthening rapidly as it heads into the Gulf of Mexico, posing perhaps the greatest threat to the U.S. gulf coast since the disastrous hurricane season of 2005.
http://online.wsj.com/article/SB121977310633573445.html?mod=googlenews_wsj
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 26 August 2008
TLW: 793.50 down 3.00, DES: 81.50 down 0.50, FOGL: 126.50 up 1.50 RKH: 68.25 up 2.25, BOR: 60.25 down 2.25 PRE: 11.50 down 0.25 GBP: 7.13 unchanged GPK: 419.00 unchanged, BLT 1676.00 down 22.00, RDSA: 1864.00 down 26.00, RDSB: 1839.00 down 23.00
New York Stock Exchange:
XOM: 79.95 up 1.24 (Trading in USD)
THE MARKETS (26/08/08)
FTSE100: 5,470.70 down 34.86 FTSE250: 9,133.60 down 49.13 SmallCap: 2,795.10 down 4.93
DJI: 11,412.87 up 26.62 NASDAQ: 2,361.97 down 3.62 S&P500: 1,271.51 up 4.67
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 15/08/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
West Hawk Development Corp. (TSX VENTURE:WHD) (FRANKFURT:H5N) (the "Company") is pleased to provide updates on the British Columbia, Groundhog coal project, Oklahoma/Arkansas metallurgical coal project, Colorado natural gas project and the West Hawk Petrobras due diligence process.
http://www.marketwire.com/press-release/West-Hawk-Development-Corp-TSX-VENTURE-WHD-893502.html
(Russia)
Earlier, newspaper Cinco Dias cited West Siberian CEO Maxim Barski as saying that Repsol intended to recover its 10 percent stake in his company, which was diluted to 3 percent after its merger with Alliance Oil in January.
http://www.reuters.com/article/rbssEnergyNews/idUSLQ15084520080826
(South Africa and Venezuela)
President Hugo Chávez is expected to sign a energy agreement with South Africa next week. The deal would pave the way for South African state-owned oil company PetroSA to acquire an oil asset in Venezuela.
http://www.petroleumworld.com/story08082613.htm
LOCAL DEVELOPMENTS:
(Rockhopper Exploration)
UK smallcap Rockhopper Exploration Plc. raised its estimates of P50 unrisked reserves over licences PL032 and PL033 to 1.8 billion barrels recoverable from 1.2 billion barrels.
http://www.hemscott.com/news/static/tfn/item.do?newsId=66179006070077
Following further interpretation of 3D seismic data, the directors’ best estimates of “P50” (reserves that have a better than evens chance of being technically and economically viable) unrisked reserves on licences PL032 and PL033 have been lifted from 1.2bn barrels recoverable to 1.8bn barrels.
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2296823
Rockhopper Exploration plc ("Rockhopper" or the "Company"), the AIM traded (RKH) oil and gas explorer with licences in the North Falkland Basin, is pleased to provide an update on further technical work on the 3D seismic collected over licences PL032 and PL033 along with an operational update.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1938172&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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