Falklands : Hydrocarbons Daily Record Monday, 06 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 07.10.2008 (Article Archived on 21.10.2008)
As with the end of play on Friday, concerns about a world-wide drop in demand helped crude prices to decline today.
HYDROCARBONS DAILY RECORD MONDAY, 06 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Monday, 06 October 2008 Light Sweet Crude was trading at $87.80 down $6.07 on the New York Mercantile Exchange. Brent Crude was trading at $83.68 down $6.57 on London’s ICE Futures Market.
ANALYSIS:
As with the end of play on Friday, concerns about a world-wide drop in demand helped crude prices to decline today. One result of dropping demand is the slump in auto sales. People are making do with older models with a view to replacing them when there is more money about. Hopefully that money will come from money saved for the purpose and not from a loan company.
The $700Billion bail out legislation passed through both houses of Congress but it had the opposite affect on the stock market which closed lower. It is widely felt that the $700Billion bail out is a band aid and that the economy will get much worse before things turn around.
In the Falklands we had another 2p added on to a litre of KERO and calculations are that a downward trend in prices will occur later due to islanders using fuel conservation methods and lowering demand. Fortunately the summer months are coming soon and many people will only be using fuel to heat water. We are hoping that heating furl will cost less before the next winter sets in.
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Monday, 06 October 2008
TLW: 549.00 down 83.00, DES: 50.00 down 6.50, FOGL: 80.00 down 12.50 RKH: 44.25 down 2.00 BOR: 30.75 down 3.00, BPC: 3.88 down 0.38 PRE: 10.50 unchanged GBP: 5.63 down 0.25, GPK: 362.00 down 7.50, BLT 1070.00 down 117.00, RDSA: 1502.00 down 126.00, RDSB: 1479.00 down 111.00
New York Stock Exchange:
XOM: 77.32 down 0.62 (Trading in USD)
THE MARKETS (06/10/08)
FTSE100: 4,589.19 down 391.06, FTSE250: 7,474.79 down 520.75, SmallCap: 2,307.73 down 146.31
DJI: 9,955.30 down 369.88, NASDAQ: 1,962.96 down 84.43, S&P500: 1,056.89 down 42.34
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 26/09/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Ghana)
He worked with state oil companies from Canada (Petro-Canada International), Norway (Statoil) and Brazil (Petrobras) and Nigeria (NNPC's seismic subsidiary) ...
http://www.graphicghana.com/link.asp?twindow=Default&smenu=86&sdetail=5507&mad=No&wpage=&skeyword=&sidate=
(North Sea Oil)
Shares of ConocoPhillips tumbled amid a broad market sell-off Monday as evidence mounted that the U.S. economic crisis has spread overseas.
http://money.cnn.com/news/newsfeeds/articles/apwire/b3653889957a42efa3df392aea41bc66.htm
In May 2008, oil production re-commenced from Maersk Oil's Janice facility in the UK North Sea after an extended period of repair work and upgrading of the facility.
http://www.freshplaza.com/news_detail.asp?id=30024
A United Kingdom-based oil and gas company, Circle, announced on Friday that it had struck oil in their onshore Northwest Gemsa Concession in Egypt, triggering optimism in the North African country.
http://dailystaregypt.com/article.aspx?ArticleID=16884
REGIONAL DEVELOPMENTS:
(BHP Billiton and Rio Tinto)
Rio Tinto Ltd/Plc (RIO.AX: Quote, Profile, Research, Stock Buzz) (RIO.L: Quote, Profile, Research, Stock Buzz) sees the current global market turmoil having no impact on its rejection of BHP Billiton Ltd's (BHP.AX: Quote, Profile, Research, Stock Buzz) (BLT.L: Quote, Profile, Research, Stock Buzz) $97 billion takeover bid, Chief Executive Tom Albanese said.
http://www.reuters.com/article/asiaMergersNews/idUSSYD5190220081002
The head of the world's number two mining group, which is fighting an $88.5 billion takeover bid by bigger rival BHP Billiton,
http://www.reuters.com/article/GlobalEnvironment08/idUSTRE4956KK20081006
(Ecuador)
Ecuador produces around 500000 barrels of oil per day, extracted almost evenly by the state company, Petroecuador, and foreign companies.
http://www.reuters.com/article/bondsNews/idUSN0646541320081006
(Peru)
Furthermore, the recordings involved state oil company Petro-Peru, which also won the exploration concession and was to explore the oil blocks alongside those already tested.
http://www.livinginperu.com/news/7546
(Uruguay)
State energy company Administracion Nacional de Combustible Alcohol e Portland, known as Ancap, has identified several reef areas that may indicate ...
http://www.bloomberg.com/apps/news?pid=20601086&sid=a_rzxsivvRqM&refer=latin_america
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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