Falklands : Hydrocarbons Daily Record Tuesday, 02 September 2008
Submitted by Falkland Islands News Network (Juanita Brock) 03.09.2008 (Article Archived on 17.09.2008)
Crude prices continued to decline significantly today on the back of the now tropical storm Gustav.
HYDROCARBONS DAILY RECORD TUESDAY, 02 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 02 September 2008 Light Sweet Crude was trading at $109.71 down $5.75 on the New York Mercantile Exchange. Brent Crude was trading at $107.90 down $1.51 on London’s ICE Futures Market.
ANALYSIS:
Crude prices continued to decline significantly today on the back of the now tropical storm Gustav. Oil companies have begun to assess the damage Gustav caused to their infrastructure off the Louisiana coast and emergency generators will be used to get things running until power can be restored to New Orleans and other shore-based facilities.
Hurricane Gustav also helped to weaken demand over the US Labour Day weekend. We all know that it is demand that drives end product prices. What people saved by not driving on Labour Day Weekend they will put into their winter fuel budget.
HDR has often recommended that people who can afford it should switch to alternative energy. Hydrogen vehicles and wind energy are two popular alternatives. Unlike the opinion below, HDR feels that crude prices will go below $100.00 per barrel on slackening demand. If the price is too expensive people will live in cool to cold houses this winter.
RELATED ARTICLES:
(Hurricane Gustav)
Energy companies sprung into action Tuesday after Hurricane Gustav ripped through Louisiana, preparing to redeploy workers in the U.S. Gulf of Mexico both offshore and on.
http://www.cattlenetwork.com/Content.asp?ContentID=249191
(Opinion about Crude Prices)
Oil prices are unlikely to drop below $100 a barrel because OPEC will cut production to support the price, billionaire hedge-fund manager Boone Pickens told CNBC today.
http://www.chron.com/disp/story.mpl/business/5979250.html
(Wind Energy)
Mr T. Boone Pickens, a lifetime oil man is now doing something we should all get behind. He is building a massive wind farm energy generating site in Texas and is promoting the use of CNG, (clean natural gas) as a fuel source to replace imported oil as our major fuel. We have an abundant source of CNG in this country, enough to last for hundreds of years, there is no reason we have to be dependant on the oil coming from out side our country to run our vehicles.
http://www.venturacountystar.com/news/2008/sep/01/high-cost-of-gasoline/
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 02 September 2008
TLW: 750.00 down 40.50, DES: 76.50 down 1.50, FOGL: 124.00 down 1.00 RKH: 66.50 down 0.50, BOR: 55.75.00 down 1.00, BPC: 4.50 (Starting Price) PRE: 12.25 unchanged GBP: 7.13 unchanged GPK: 419.00 unchanged, BLT 1581.00 down 67.00, RDSA: 1863.00 down 24.00, RDSB: 1854 down 38.00
New York Stock Exchange:
XOM: 77.40 down 2.61 (Trading in USD)
THE MARKETS (02/09/08)
FTSE100: 5,620.70 up 17.88 FTSE250: 9,543.60 SmallCap: 2,871.00 up 22.77
DJI: 11,516.92 down 26.63 NASDAQ: 2,329.44 down 18.28 S&P500: 1,227.57 down 5.26
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 22/08/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Iraq)
Iraq has approved a $3 billion deal with China to develop the al-Ahdab oil field.
http://www.iraqoilreport.com/2008/09/02/iraq-approves-oil-deal-with-china/
(Nigeria)
Petrobras has issued a tender to sell Nigerian Agbami crude oil for October, traders said on Tuesday.
http://uk.reuters.com/article/oilRpt/idUKL210479820080902
(North Sea Oil)
Austrian oil and gas company OMV has announced that its wholly owned subsidiary OMV UK, together with international partners, has successfully identified hydrocarbons offshore UK, in its core area of northwestern Europe.
http://www.redorbit.com/news/business/1540928/omv_discovers_hydrocarbons_offshore_uk/
(Russia and Uzbekistan)
Prime Minister Vladimir Putin on Tuesday secured agreement from Uzbekistan to start building a new gas pipeline to Russia in a deal that bolsters Moscow's sway over Central Asian energy supplies.
http://www.moscowtimes.ru/article/1010/42/370620.htm
REGIONAL DEVELOPMENTS:
(Brazil)
Petrobras today kicked off first oil production in the pre-salt layer in the Jubarte field in the Campos Basin offshore Brazil.
http://www.energycurrent.com/index.php?id=2&storyid=12848
(Chile)
Chile, 02.09.2008 - MAN Ferrostaal has completed the construction of a refinery plant for the Chilean state oil company Empresa Nacional del Petróleo (ENAP), in association with two Spanish engineering firms - Foster Wheeler Iberia and Tecnicas Reunidas.
http://www.verivox.de/News/ArticleDetails.asp?aid=93715&pm=1
(Venezuela)
Chávez was received Tuesday morning by Mbeki, in Pretoria, at the beginning of an official visit described as "historic," to strengthen diplomatic and trade relations between the two countries
http://english.eluniversal.com/2008/09/02/en_pol_art_venezuela-and-south_02A1959319.shtml
LOCAL DEVELOPMENTS:
BPC:
BPC Limited (formerly Falkland Gold & Minerals Limited), the oil and gas exploration company with exploration licences offshore the Bahamas, announces that its shares will be admitted to trading on AIM at 8am today. The shares will be traded under the symbol AIM: BPC.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1945368&source=RNS
BPC, an oil and gas group with exploration licences sited off the coast of the Bahamas, has joined the AIM market this morning.
http://www.smallcapnews.co.uk/article/BPC_comes_to_AIM_with_hopes_of_progressing_oil_and_gas_projects/5647.aspx
Philip Richards, the high-profile manager of RAB's Special Situations Fund, has made up to £1m after a company controlled by his hedge fund bought a private company in which he owned a personal stake.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/02/cnrab102.xml
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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