Falklands : Hydrocarbons Daily Record Thursday, 29 May 2008
Submitted by Falkland Islands News Network (Juanita Brock) 30.05.2008 (Article Archived on 18.06.2008)
Crude prices declined sharply today due to reduced gasoline demand in the United States and despite a sharp drop (8.8 million barrels) in crude inventories. The drop in crude inventories is temporary due to a delay in offloading tankers in the Gulf of Mexico.
HYDROCARBONS DAILY RECORD THURSDAY, 29 MAY 2008
By J. Brock (FINN)
At 1930hrs LMT on Thursday, 29 May 2008 Light Sweet Crude was trading at $126.62 down $4.41 on the New York Mercantile Exchange. Brent Crude was trading at $126.89 down $4.04 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined sharply today due to reduced gasoline demand in the United States and despite a sharp drop (8.8 million barrels) in crude inventories. The drop in crude inventories is temporary due to a delay in offloading tankers in the Gulf of Mexico.
OPEC quite rightly hints that high crude prices are due to speculation rather than demand. HDR calls for people to seek alternative fuel for vehicles and home heating to help keep prices in check and to clean-up the atmosphere. Further to this, HDR feels that commodities that people need to survive such as grain and other food-based commodities should have a cap on trading prices.
People with money to invest want to put it in safe places and unfortunately, Crude futures and food based commodities fit the bill. Though there is an element of society that makes a living from hand-outs, the majority of us would rather buy our own food and fuel. Even food programmes are having problems allocating enough to feed the growing number in need and this is price driven. There needs to be other investments where people can get a good return on their money and not hurt the economy to this extent.
RELATED ARTICLES:
Crude dropped by more than $4 a barrel as higher prices will prompt a fall in fuel demand amid reports on lower supplies of oil and gasoline last week.
http://www.allheadlinenews.com/articles/7011104432
Oil bulls re-entered the market on Wednesday after Nymex crude hit a one-week low of $125.96. Crude closed the session above $130 a barrel.
http://www.economicnews.ca/cepnews/wire/article/85233
Oil prices fell sharply Thursday after the Energy Department reported unexpected declines in crude oil supplies last week but said the drop was due to temporary delays in unloading oil tankers along the Gulf Coast.
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD90VGFN00
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Thursday, 29 May 2008.
TLW: 922.00 down 24.50, DES: 101.00 unchanged, FOGL: 149.00 down 4.00 RKH: 104.00 up 2.00, BOR: 113.00 up 8.50 PRE: 13.00 unchanged, GBP: 8.63 unchanged, GPK: 418.00 unchanged, BLT 1960.00 up 1.00, RDSA: 2188.00 up 31.00 RDSB: 2145.00 up 28.00
New York Stock Exchange:
XOM: 89.54 down 0.89 (USD)
THE MARKETS (29/05/08)
FTSE100: 6,068.10 down 1.49, FTSE250: 10, 098.20 up 40.94 SmallCap: 3,148.20 down 7.34
DJI: 12,594.03 up 45.68 NASDAQ: 2,508.32 up 21.62 S&P500: 1,398.26 up 7.42
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 23/05/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(Canada)
Ivanhoe Energy Inc. (TSX:IE) has struck a deal with Talisman Energy Canada (TSX:TLM) to buy Talisman's interests in three leases in the Athabasca oilsands.
http://canadianpress.google.com/article/ALeqM5gBCeOaL5ORGDmd4O-M8NN-uhMt7g
(North Sea)
GORDON Brown wants an extra billion barrels of North Sea oil to tackle soaring fuel prices. The Prime Minister and Chancellor Alistair Darling flew to Aberdeen yesterday for crisis talks with offshore industry leaders.
http://www.dailyrecord.co.uk/news/editors-choice/2008/05/29/gordon-brown-backs-new-north-sea-oilfields-to-tackle-fuel-price-crisis-86908-20433153/
(United Arab Emirates)
To one senior oil industry official, "it's a fascinating and somewhat bizarre phenomenon". To another it simply "looks a bit weird". But for Middle East states, the dynamic the two are describing is deadly serious - the globe's most hydrocarbon-rich region is facing the prospect of critical shortages of gas
http://www.gulfnews.com/business/Business_Feature/10216795.html
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivian President Evo Morales is demanding that foreign companies increase their investment in petroleum production or face the possibility of being taken over by the state.
http://www.upi.com/International_Security/Energy/Analysis/2008/05/28/analysis_morales_gives_foreigns_ultimatum/4894/
(Brazil and Colombia)
West Canyon Energy experienced a number of important developments within the last quarter, as well as developing a strategy for their Colombian prospects for the calendar year 2008.
http://www.pr-inside.com/west-canyon-energy-corp-provides-operational-r614736.htm
(Brazil and Venezuela)
Brazil's oil company Petrobras on Wednesday confirmed plans to build a fourth new refinery with a capacity above the average of its existing 11 plants, possibly similar to a planned 600,000 barrels per day premium refinery.
http://www.reuters.com/article/marketsNews/idUSN2832532020080528
(Ecuador)
In a dramatic face-to-face showdown at Chevron’s annual general meeting, victims of the company’s grave human rights abuses from three continents today told shareholders and senior executives that the oil major must live up to its corporate rhetoric on human rights and the environment, and also take decisive action to make amends to the communities it has devastated.
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080528006513&newsLang=en
(Peru)
The Peruvian Amazon, a region that holds some of the most pristine and biodiverse rainforests on Earth, continues to face an unprecedented wave of new oil and gas exploration. Peru recently released eight new Amazon oil blocks as part of its 2008 bidding round. According to analysis by Save America's Forests, that brings the total to 64 oil and gas blocks in Peru's vast Amazon region.
http://www.ens-newswire.com/ens/may2008/2008-05-28-01.asp
(Uruguay)
Since oil barrel surpasses in more than 12 dollars the price of reference fixed at the beginning of May by ANCAP, oil state-owned company. ...
http://www.prensa-latinaenglish.com/
LOCAL DEVELOPMENTS:
Mr. Hutchings said: "Although the Falkland Islands have proven reserves of oil and natural gas, I don't think there is oil off Bermuda. ...
http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?articleId=7d85e3330030002§ionId=60
"The Western Isles may well have the distinction of being the most expensive place to fill up your car - not in Scotland but in the whole world. I await a call from the Falkland Islands or Tristan da Cunha to contradict me on that one."
http://www.dailyrecord.co.uk/entertainment/entertainment-catch-all/2008/05/29/dearest-in-the-world-86908-20433155/
(Rockhopper Exploration)
2. Reason for the notification
An acquisition or disposal of voting rights
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1854487&source=RNS
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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