Falklands : Hydrocarbons Daily Record Wednesday, 25 June 2008
Submitted by Falkland Islands News Network (Juanita Brock) 26.06.2008 (Article Archived on 10.07.2008)
Crude prices declined today due to a good inventory report from the US Department of Energy Administration. Stockpiles increased by 800,000 barrels.
HYDROCARBONS DAILY RECORD WEDNESDAY, 25 JUNE 2008
By J. Brock (FINN)
At 1930hrs LMT on Wednesday, 25 June 2008 Light Sweet Crude was trading at $134.55 down $2.45 on the New York Mercantile Exchange. Brent Crude was trading at $134.33 down $2.13 on London’s ICE Futures Market.
ANALYSIS:
Crude prices declined today due to a good inventory report from the US Department of Energy Administration. Stockpiles increased by 800,000 barrels. All important supplies of gasoline are at 208.8 Million Barrels – a cool 4.2 million barrels more than at the same time last year. The inventory report also shows that the demand for gasoline in the United States has gone down by 241,000 barrels from what it was in 2007. However, you would think the price would go down – but it has increased significantly from the 2007 price. HDR feels that demand is also going down in the Asian economies as well for the same reasons it is declining in the United States.
While road users realise that Saudi Arabia will pump more crude, this has not stopped the belt tightening due to the opposite affect increasing production had on the price of hydrocarbons products.
Saudi Arabia quite rightly blames speculators hording crude while awaiting price increases for some of the problems. Naturally, geopolitics also has a portion of the blame when violence involves infrastructure and people in oil producing countries.
Nonetheless, the scenario is creating more poor people on a daily basis and some of those will be reliant on Governments for social welfare. HDR feels it is in the best interests of governments to help come up with legislative solutions to the price hike problem before those social welfare budgets are exhausted.
RELATED ARTICLES:
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Oil prices slid Wednesday after official data revealed an unexpected rise in crude stockpiles in the United States, the world's biggest energy consumer, traders said.
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SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 25 June 2008.
TLW: 948.50 down 11.00, DES: 93.00 up 3.00, FOGL: 137.50 down 5.00 RKH: 96.25 unchanged, BOR: 86.50 up 1.75 PRE: 13.25 down 0.25, GBP: 8.13 up 0.25, GPK: 405.00 down 1.50, BLT 1850.00 down 61.00, RDSA: 1984.00 down 14.00 RDSB: 1935.00 down 15.00
New York Stock Exchange:
XOM: 87.70 up 0.78 (Trading in USD)
THE MARKETS (25/06/08)
FTSE100: 5,686.10 up 31.36, FTSE250: 9,321.20 up 128.27 SmallCap: 2,920.60 up 31.23
DJI: 11,881.83 up 4.40 NASDAQ: 2,401.26 up 32.98 S&P500: 1,321.98 up 7.69
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 20/06/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
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(Peru)
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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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