Falklands : Hydrocarbons Daily Record Sunday, 27 July 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.07.2008 (Article Archived on 11.08.2008)
Though prices are lower the man at the pump should realise that prices will not come down dramatically until crude bought in at higher prices is processed and sold.
HYDROCARBONS DAILY RECORD SUNDAY, 27 JULY 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 25 July 2008 Light Sweet Crude was trading at $123.26 down $2.23 on the New York Mercantile Exchange. Brent Crude was trading at $124.44 down $2.00 on London’s ICE Futures Market.
ANALYSIS:
Weakening demand has caused crude prices to decline again on Friday. Though prices are lower the man at the pump should realise that prices will not come down dramatically until crude bought in at higher prices is processed and sold.
RELATED ARTICLES:
(Lowering Crude Prices)
The world may have finally seen the worst of global oil price spikes and as nations scale back consumption of the scarce resource, prices will likely ease further to average at $107 a barrel next year, US investment banking giant Merrill Lynch said.
http://business.inquirer.net/money/breakingnews/view/20080727-151022/Merrill-Lynch-forecasts-downtrend-in-oil-prices
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 25 July 2008.
TLW: 727.00 up 2.00, DES: 75.00 down 3.00, FOGL: 117.50 down 3.00 RKH: 65.00 down 4.00, BOR: 66.75 down 0.75 PRE: 12.00 unchanged GBP: 7.25 unchanged, GPK: 419.00 unchanged, BLT 1553.00 up 13.00 RDSA: 1825.00 up 7.00, RDSB: 1807.00 up 17.00
New York Stock Exchange:
XOM: 81.58 up 0.78 (Trading in USD)
THE MARKETS (25/07/08)
FTSE100: 5,352.60 down 9.66 FTSE250: 8,867.70 down 139.48 SmallCap: 2,698.50 down 42.66
DJI: 11,370.69 up 21.41 NASDAQ: 2,310.53 up 30.42 S&P500: 1,257.76 up 5.22
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 18/07/08
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(North Sea Oil)
UK oil and gas production will fall 5pc over the next five years despite fields in the North Sea and along other parts of the coast containing 25bn barrels of recoverable crude, says the industry group Oil and Gas UK (OGUK) in its latest economic report.
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/07/09/cnoguk109.xml
REGIONAL DEVELOPMENTS:
(Argentina)
A tender commission at Argentina's state energy company Enarsa has recommended rejecting three offers submitted for five thermo power plants proposed for construction across the country.
http://www.bnamericas.com/sector_home.jsp?sector=10&idioma=I¬icia=443620
Industrial Info Resources (Sugar Land, Texas) said on 24 July that Repsol YPF's (REP) (Madrid, Spain) La Platare finery in Buenos Aires, Argentina, is undergoing a revamp and maintenance shutdown in a fluid catalytic cracking unit.
http://www.tradingmarkets.com/.site/news/Stock%20News/1782858/
(Argentina and Venezuela)
Platts reported that Enarsa PDVSA a joint venture of Argentina's and Venezuela's state oil companies has received three technical bids for a contract related to the construction of Argentina's first onshore LNG receiving terminal.
http://steelguru.com/news/index/2008/07/27/NTYyOTQ%3D/Enarsa_PDVSA_receives_3_technical_bids_for_LNG_project.html
(Bolivia)
Tensions and uncertainties continue to rise as what some are calling a bout of “referendumitis” sweeps through Bolivia.
http://www.greenleft.org.au/2008/760/39276
Initiatives put in place by the Bolivian Govt to increase the use of natural gas vehicles could have the opposite effect, with industry members saying they pose more of a threat than an advantage.
http://www.ngvglobal.com/en/policy/bolivian-govt-risks-ngv-industry-with-over-zealous-policies-02016.html
(Brazil)
Brazilian energy giant Petrobras plans to install two production units every two years from 2010 to pump oil from sub-salt reserves in the off-shore Santos basin, an official from the firm said on Thursday.
http://economictimes.indiatimes.com/News/International_Business/Brazil_eyes
_1_m_barrel_a_day_from_Tupi_oil_field/articleshow/3281199.cms
(Chile)
Methanex Corp. (TSX:MX), a producer of methanol used in gasoline, paint and other products, says a push for alternative fuels could be a long-term benefit for the company as it faces falling demand for the industrial chemical in North America.
http://www.thesudburystar.com/ArticleDisplay.aspx?e=1128186
http://www.oilweek.com/news.asp?ID=17599
(Ecuador)
South American emerging economy Ecuador, in a bid to attract investors and boost tourism, has revoked the need for a short term visa for all visitors staying in the country for 90 days or less in a year, the country's Indian envoy Carlos Abad said here Tuesday.
http://economictimes.indiatimes.com/News/News_By_Industry/Services/Ecuador_
removes_short_term_visa_to_boost_investment/articleshow/3265382.cms
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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