Falklands : Hydrocarbons Daily Record Tuesday, 27 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.05.2008 (Article Archived on 11.06.2008)
High prices in the US and the resulting decrease in demand as well as the England haulers protest, a lack of a new threat on supply and emerging markets were the cause of significant price decreases today.
HYDROCARBONS DAILY RECORD TUESDAY, 27 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 27 May 2008 Light Sweet Crude was trading at $128.65 down $3.39 on the New York Mercantile Exchange. Brent Crude was trading at $128.31 down $4.06 on London’s ICE Futures Market.
ANALYSIS:
High prices in the US and the resulting decrease in demand as well as the England haulers protest, a lack of a new threat on supply and emerging markets were the cause of significant price decreases today.
As for the protest in the United Kingdom the price of hydrocarbons products could put a whole industry out of business. As said in HDR before, there are hydrocarbons products available but their price is prohibitive. There is no use in generating more crude if people won’t be buying the end product.
We wondered what would happen if crude prices went above $100.00 per barrel. We are now finding out.
RELATED ARTICLE:
Oil prices fell sharply Tuesday, after hitting a series of record highs in previous sessions, as the dollar strengthened and traders pulled back amid concerns of softening demand.
http://money.cnn.com/2008/05/27/markets/oil/?postversion=2008052715
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Tuesday, 27 May 2008.
TLW: 910.00 down 11.50, DES: 100.50 down 6.50, FOGL: 161.00 down 1.00 RKH: 103.50 down 6.50, BOR: 117.25 down 0.50 PRE: 13.75 unchanged, GBP: 8.88 up 0.13, GPK: 419.00 down 5.00, BLT 1972.00 down 38.00, RDSA: 2152.00 down 10.00 RDSB: 2112.00 down 16.00
New York Stock Exchange:
XOM: 89.85 down 0.85 (USD)
THE MARKETS (27/05/08)
FTSE100: 6,058.50 down 28.78, FTSE250: 10, 034.20 down 43.39 SmallCap: 3,171.60 up 8.43
DJI: 12,548.35 up 68.72 NASDAQ: 2,481.24 up 36.57 S&P500: 1,385.35 up 9.42
INTERNATIONAL DEVELOPMENTS:
(Canada)
May 26, 2008 /PRNewswire via COMTEX/ ----Irving Oil announced today that it has received approval from New Brunswick's Department of Natural Resources to explore the feasibility of tidal power development within the Bay of Fundy. The company will partner with St. Andrews-based Huntsman Marine Science Centre to conduct a two-year research program on 11 potential power generating sites in the Bay of Fundy, including regions extending from Cape Enrage, near Chignecto Bay, down to the Western Passage areas of Passamaquoddy Bay.
http://www.foxbusiness.com/story/irving-oil-receives-approval-conduct-tidal-power-research-bay-fundy---company/
(Cuba)
A refinery over 155 miles south east of Havana, has run at full capacity since its re-inauguration last December by Cuba’s CUPET and Venezuela’s PDVSA publicly-run ...
http://www.cubanews.ain.cu/2008/0526refineriacubana.htm
(Tunisia)
Cygam Energy Inc. provides an additional update on the TT2 exploration well operated by Storm Ventures International Inc. ("SVI") of Calgary, on the Remada Sud Permit in Southern Tunisia.
http://www.oilvoice.com/n/Cygam_Energy_Provides_Update_of_Drilling_Operations_in_Tunisia/c596d199.aspx
(Turkmenistan)
Specialists of the geophysical expedition of the State Turkmengeologiya Corporation discovered a new powerful gas emission site with the daily debit of about 1.2 million cub m in the Western Garadjaovlak deposit situated 65 km to the north-east of Kaahka town. The drillers opened a productive horizon at the depth of over 4.7 km while testing a prospecting well # 15.
http://www.turkmenistan.ru/?page_id=3&lang_id=en&elem_id=12875&type=event&sort=date_desc
(Turkmenistan and Kazakhstan)
Russian-British joint venture TNK-BP (RTS: TNKO) is studying the prospects of oil production in Turkmenistan and Kazakhstan, TNK-BP President Robert Dudley said in an interview with the Vedomosti newspaper.
http://www.redorbit.com/news/business/1403271/tnkbp_mulls_projects_in_turkmenistan_kazakhstan_venezuela/
REGIONAL DEVELOPMENTS:
(Argentina and Viet Nam)
Argentina ties: a solid base for co-operation
(26-05-2008)
Viet Nam News spoke with Argentinian Ambassador Tomas Ferrari on Argentina’s National Day.
http://vietnamnews.vnagency.com.vn/showarticle.php?num=01COM260508
(Brazil)
Demand for floating production systems (FPSs) will continue growing as strong oil and natural gas prices drive efforts to explore for and develop more oil and gas reserves in deeper water around the globe. This year, 44 FPSs are expected to be deployed, up from 28 units deployed in 2007 and 24 deployed in 2006.
http://www.energycurrent.com/index.php?id=2&storyid=10774
(Gulf of Mexico Project)
Brazilian oil company Petrobras announced yesterday (26), in an official press statement, the discovery of oil and gas in ultra-deep waters in the Central Gulf of Mexico, in the United States. The discovery was made via the Stones number 3 well, operated by Shell. Petrobras America Inc., a Petrobras subsidiary in the US, had been developing work in the Walker Ridge Quadrant when it found the reserves.
http://www.anba.com.br/ingles/noticia.php?id=18459
(Colombia)
Colombian Vice President Francisco Santos will visit Russia at the beginning of next month. It will be the first visit on that level in the history of the countries’ relations. Kommersant has learned that the main topic of talks with the South American guest will be Russia’s military-technical cooperation with Venezuela. Worried about the Hugo Chavez regime’s military buildup, Colombia wants to maintain a balance of power. For that purpose, it is prepared to buy Russian weapons. In exchange, Bogota hopes to convince Moscow to reduce arms supplies to Venezuela.
http://www.kommersant.com/p896309/arms_sales_Colombia/
(Ecuador)
OPEC's secretary general has promised to help Ecuador boost oil production and refining, Ecuador's Oil Ministry said Sunday, even as the cartel hesitates to increase oil output worldwide.
http://canadianpress.google.com/article/ALeqM5gPXU31VIuIqaviO9cmBe9jCo2opQ
(Peru)
In a bid to place itself on the global petrochem scenario, Peru plans to tap its natural resources. With this is mind, Petroperú has signed a memorandum of understanding with Brazil's Petrobras and chemical giant Braskem to study the feasibility of building a new multi-billion-dollar complex based on domestically sourced ethane.
http://www.plastemart.com/plasticnews_desc.asp
(Venezuela and Cuba)
A refinery over 155 miles south east of Havana, has run at full capacity since its re-inauguration last December by Cuba’s CUPET and Venezuela’s PDVSA publicly-run ...
http://www.cubanews.ain.cu/2008/0526refineriacubana.htm
LOCAL DEVELOPMENTS:
Record prices drive secret underwater land-grab as old enemies capitalise on colonies. Ambrose Evans-Pritchard reports
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/05/27/ccseas127.xml
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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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