Falklands : Hydrocarbons Daily Record Wednesday, 08 October 2008
Submitted by Falkland Islands News Network (Juanita Brock) 09.10.2008 (Article Archived on 23.10.2008)
The US Department of Energy Administration inventory report increased this week helping to decrease crude prices. The report also shows that demand is going down. Demand isn’t expected to pick up until hydrocarbons products like gasoline and heating fuel are reasonably priced.
HYDROCARBONS DAILY RECORD WEDNESDAY, 08 OCTOBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 08 October 2008 Light Sweet Crude was trading at $88.95 down $1.11 on the New York Mercantile Exchange. Brent Crude was trading at $84.39 down 27 Cents on London’s ICE Futures Market.
ANALYSIS:
The US Department of Energy Administration inventory report increased this week helping to decrease crude prices. The report also shows that demand is going down. Demand isn’t expected to pick up until hydrocarbons products like gasoline and heating fuel are reasonably priced.
It is hoped that people will use what fuel they can afford wisely and that houses can be insulated prior to the northern winter. Limiting transport to necessary journeys only also can help conserve fuel. Some people also have solar and wind energy infrastructure installed. This also will help keep the use of hydrocarbons products down to a cost-effective level.
RELATED ARTICLE:
CRUDE oil prices fell on Wednesday after a US government report showed a big increase in crude stocks and a big drop in demand, providing evidence that economic weakness is eroding fuel consumption in the world's biggest consumer of petroleum products.
http://www.theherald.co.uk/business/news/display.var.2458922.0.Oil_price_falls_on_
rise_in_US_crude_inventories.php
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 08 October 2008
TLW: 482.50 down 63.00, DES: 41.75 down 2.75, FOGL: 69.00 down 4.00 RKH: 33.50 down 4.00 BOR: 29.00 down 0.75, BPC: 3.88 unchanged (Tuesday Price), PRE: 9.25 up 0.38 GBP: 5.13 down 0.25, GPK: 332.50 down 10.00, BLT 972.00 down 114.00, RDSA: 1491.00 down 55.00, RDSB: 1443.00 down 83.00
New York Stock Exchange:
XOM: 77.00 up 0.93 (Trading in USD)
THE MARKETS (08/10/08)
FTSE100: 4,366.69 down 283.53, FTSE250: 7,200.87 down 230.29, SmallCap: 2,202.59 down 54.83
DJI: 9,258.10 down 189.01, NASDAQ: 1,740.33 down 14.55, S&P500: 984.94 down 11.29
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:
(Libya)
Repsol YPF and Total, two of Europe's biggest energy groups, were yesterday implicated in an alleged Libyan bribery scheme after a report for Norway's Hydro found mistakes in paying consultants to secure oil fields in the North African country.
http://www.ft.com/cms/s/0/ed071b3a-94d3-11dd-953e-000077b07658.html
(Norway)
StatoilHydro Petroleum AS, operator of production license 089, has drilled a dry hole with the wildcat well 34/7-33.
http://www.offshore-mag.com/display_article/341983/9/ONART/none/
DRLCM/1/Wildcat-well-34/7-33-comes-up-dry/
REGIONAL DEVELOPMENTS:
(Argentina)
Argentine president Cristina Fernandez de Kirchner officially marked on Monday the beginning of operations of a South Atlantic oil rig, the first to be fully financed by Argentine government and private investors.
http://www.petroleumworld.com/story08100814.htm
(Chile)
GeoPark Holdings Limited ("GEOPARK" or the "Group"), the Latin American oil and gas exploration and production company with producing properties in Chile and Argentina (AIM: GPK), is pleased to announce the successful testing and commencement of production from the new Ovejero 2 well on the Fell Block in Chile. GEOPARK operates and owns a 100% working interest in the Fell Block.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1983430&source=RNS
-- GeoPark Holdings Ltd., the oil and natural-gas explorer in South America, said its Ovejero 2 well in Chile's Fell Block started producing, boosting revenue.
http://www.bloomberg.com/apps/news?pid=20601086&sid=a.F6595RslNI&refer
=latin_america
Latin American oil and gas company Geopark Holdings Ltd (GPK.L: Quote, Profile, Research, Stock Buzz) said on Wednesday that production had started at its Ovejero 2 well in Chile and is already contributing to the company's revenue.
http://www.reuters.com/article/rbssEnergyNews/idUSBNG38722820081008
Geopark Holdings Ltd. said it has successfully tested and started production at Ovejero 2 well on the Fell Block in Chile.
http://www.hemscott.com/news/static/tfn/item.do?newsId=67476085747327
GeoPark Holdings has announced the successful testing and commencement of production from the new Ovejero 2 well on the Fell Block in Chile. GEOPARK operates and owns a 100% working interest in the Fell Block.
http://www.smallcapnews.co.uk/article/Geopark_brings_Ovejero_2_well_into_production/5868.aspx
(Venezuela and Russia)
Russian Foreign Minister Sergei Lavrov and his Venezuelan peer Nicolas Maduro will meet on Tuesday to review the agreements the two countries have signed over the past few months, according to a diplomatic source.
http://www.petroleumworld.com/story08100815.htm
LOCAL DEVELOPMENTS:
(Rockhopper)
Following its change of name from Landsbanki Securities (UK) Limited to Teathers Limited on 7 October 2008, the name of the Company's nominated adviser and broker is now Teathers Limited
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1983668&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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