HYDROCARBONS DAILY RECORD THURSDAY, 04 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 04 September 2008 Light Sweet Crude was trading at $107.89 down $1.46 on the New York Mercantile Exchange. Brent Crude was trading at $106.30 down $1.76 on London’s ICE Futures Market.
ANALYSIS:
Crude prices dropped today despite a drop in crude inventories. Supply to some terminals had been postponed due to Hurricane Gustav but it is expected that they will increase next week when deliveries resume. Prices also declined on the strengthening US Dollar.
Demand will help to lower prices in the coming year. Due to the economic down-turn in several countries people won’t be able to afford to travel as they did in the past. Economising is the rule and people are also seeking alternatives so they won’t be burned at the pump as they have been these past two years.
RELATED ARTICLES:
(Crude Supplies)
Crude oil fell for a sixth straight session to its lowest in more than five months as the euro accelerated its decline against the dollar, curbing the appeal of commodities as an inflation hedge.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aacS4vrmwRNg&refer=home
(Demand)
Global oil demand will be weak in 2009 due to a major slowdown in transport and industrial fuel consumption in most major economies, Opec’s latest market report said.
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=239687&version=1&template_id=48&parent_id=28
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 04 September 2008
TLW: 756.50 up 6.50, DES: 78.00 up 1.25, FOGL: 130.50 up 6.50 RKH: 66.75 up 1.00, BOR: 57.25 up 4.25, BPC: 4.50 unchanged PRE: 12.00 down 0.25 GBP: 6.88 down 0.25, GPK: 419.00 unchanged, BLT 1486.00 down 41.00, RDSA: 1788.00 down 59.00, RDSB: 1740.00 down 64.00
New York Stock Exchange:
XOM: 76.14 down 1.88 (Trading in USD)
THE MARKETS (04/09/08)
FTSE100: 5,362.10 down 137.58 FTSE250: 9,150.00 down 219.65 SmallCap: 2,850.40 down 15.41
DJI: 11,188.23 down 344.65 NASDAQ: 2,259.04 down 74.69 S&P500: 1,232.82 down 42.16
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 29/08/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(East Timor Sea)
East Puffin Pty Ltd. started drilling the Puffin-11 exploration well in the Timor Sea using Premium-managed jackup WilCraft early this morning.
http://www.energycurrent.com/index.php?id=2&storyid=12891
(Iran)
Iran has invited Brazil to join oil producers' cartel Opec, Brazil's energy and mines minister has said.
http://news.bbc.co.uk/1/hi/business/7597904.stm
REGIONAL DEVELOPMENTS:
(Argentina and Uruguay)
The Freyre y Asociados and Consultores Argentinos Asociados consortium has won the conceptual engineering tender for a permanent liquefied natural gas (LNG) regasification terminal in Argentina, a spokesperson for state energy company Enarsa told BNamericas.
http://www.energycurrent.com/index.php?id=3&storyid=12913
(Brazil)
Brazil has declined Iran's invitation to join OPEC, but could join the cartel in the future, the country's mines and energy minister said Thursday.
http://canadianpress.google.com/article/ALeqM5iChPqAWq0JboiQVhafTq8fMGI6Cg
(Chile)
SANTIAGO, CHILE: Work at Chile's first liquefied natural gas (LNG) regasification terminal being developed by the GNL Quintero consortium is on track and 67 percent complete, the mining ministry said in a statement.
http://www.energycurrent.com/index.php?id=3&storyid=12911
(Ecuador)
Ecuador's President Rafael Correa will have to face another challenge when a popular referendum is held on September 28th on the approval of a project for a new Constitution.
http://www.cubanews.ain.cu/2008/0904especialcorrea.htm
(Tullow Oil)
Tullow Oil Plc (OTC: TUWLY | Quote | Chart | News | PowerRating) engages in the exploration, development, and production of oil and gas in Europe, Africa, south Asia, and South America.
http://www.tradingmarkets.com/.site/news/Stock%20News/1862471/
LOCAL DEVELOPMENTS:
Independent log analysis of Shell well 14/5-1A confirms gas saturations over a 1,400 metregross interval, new gas prospect mapped which this well tested in a flank position
http://www.rockhopperexploration.co.uk/press/OperationalUpdate280808.pdf
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.
