Falklands : Hydrocarbons Daily Record Sunday, 21September 2008
Submitted by Falkland Islands News Network (Juanita Brock) 22.09.2008 (Article Archived on 06.10.2008)
Crude prices increased sharply today due to a bail-out package for AIM Insurance offered by the US Government. This was good for the markets but bad on people who can’t afford to buy hydrocarbons products.
HYDROCARBONS DAILY RECORD SUNDAY, 21 SEPTEMBER 2008
By J. Brock (FINN)
At 1930hrs LMT on Friday, 19 September 2008 Light Sweet Crude was trading at $104.55 up $6.67 on the New York Mercantile Exchange. Brent Crude was trading at $99.61 up $4.42 on London’s ICE Futures Market.
ANALYSIS:
Crude prices increased sharply today due to a bail-out package for AIM Insurance offered by the US Government. This was good for the markets but bad on people who can’t afford to buy hydrocarbons products.
It’s also bad on people who are building bus terminals and airports because they won’t be very busy if people can’t afford the rice of air travel.
Demand is key and as HDR has often said, if the price is too high, it will drop.
RELATED ARTICLE:
(Crude Prices)
Oil prices surged on Friday after the US government announced its plan to rescue the troubled banking system, prompting traders to reassess the outlook for the economy and energy use.
http://news.theage.com.au/business/oil-prices-surged-after-rescue-plan-news-20080922-4l5p.html
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Friday, 19 September 2008
TLW: 788.00 up 71.00, DES: 65.00 up 1.50, FOGL: 99.00 down 3.50 RKH: 53.75 up 0.75 BOR: 45.00 up 2.00, BPC: 4.63 unchanged PRE: 11.00 up 0.25 GBP: 6.00 unchanged, GPK: 36200 down 12.50, BLT 1447.00 up 1.30, RDSA: 1684.00 up 89.00, RDSB: 1595.00 up 54.00
New York Stock Exchange:
XOM: 76.65 up 1.37 (Trading in USD)
THE MARKETS (19/09/08)
FTSE100: 5,311.30 up 431.31 FTSE250: 8,982.70 up 645.91 SmallCap: 2,701.50 up 58.17
DJI: 11,388.44 NASDAQ: 2,273.90 up 74.80, S&P500: 1,225.07 up 48.56
US DEPARTMENT OF ENERGY ADMINISTRATION INVENTORY REPORT FOR WEEK ENDING 12/09/08.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
INTERNATIONAL DEVELOPMENTS:
(India)
Reliance Industries Limited (RIL) has commenced production of hydrocarbons in its KG-D6 block of Krishna Godavari Basin (India) with the production of crude oil on 17th September 2008.
http://frontierindia.net/commodityandenergy/reliance-industries-commences-production-in-kg-d6-block/94/
(Norway)
According to Aftenbladet, the proposal will be put before various committees and unions before a final decision is made.
http://www.norwaypost.no/cgi-bin/norwaypost/imaker?id=193620
(United Kingdom)
He will also repeat the Government's determinination to build a new wave of nuclear power plants, which he says are "low carbon, reliable, secure."
http://www.telegraph.co.uk/news/newstopics/politics/labour/3042993/Labour-conference-Britain-needs-coal-burning-power-stations-warns-minister.html
REGIONAL DEVELOPMENTS:
(Bolivia)
Total SA, OAO Gazprom, and Yacimentos Petroliferos Fiscales Bolivianos (YPFB) have signed a cooperation agreement to explore for natural gas on Azero block, which lies in the Andes foothills in southeastern Bolivia. The group said the 4,764-sq-km block lies next to the Ipati and Aquio blocks, where Total made a major gas find in 2004.
http://www.ogj.com/display_article/340010/7/ONART/none/ExplD/1/Total,-Gazprom,-YPFB-join-gas-exploration-JV-in-Bolivia/
(Brazil)
Brazilian state-controlled energy giant Petrobras said new natural gas finds and an increased number of pipelines will allow it to consolidate its position as the country's leading generator of thermal electricity.
http://www.petroleumworld.com/story08092215.htm
(Colombia)
Interoil Exploration & Production ASA, a Norwegian oil and natural-gas explorer, said all three wells drilled at Colombia's Mana Field encountered hydrocarbons.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aeilKShOyZIE&refer=latin_america
(Ecuador)
Brazilian oil company Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) has agreed to give back to Ecuador a controversial oilfield in the heart of the Amazon jungle, President Rafael Correa said on Saturday.
http://www.reuters.com/article/rbssEnergyNews/idUSN2048690320080920
(Peru)
Peru's state-run energy company said on Thursday it had stopped running its oil pipeline in northern Peru because of protests, forcing its main refinery to work off inventories.
http://www.petroleumworld.com/story08092213.htm
Peru's state-run energy company said on Thursday it had stopped running its oil pipeline in northern Peru because of protests, forcing its main refinery to work off inventories.
http://www.petroleumworld.com/story08092213.htm
(Venezuela)
Gazprom was among eight companies that signed deals to develop offshore gas fields with state-owned Petroleos de Venezuela at a ceremony presided over by President Hugo Chavez in the country's capital Friday.
http://www.themoscowtimes.com/article/1009/42/371101.htm
(Latin America General)
A suitcase filled with $800,000 in cash has embroiled Venezuela's President Hugo Chávez in a scandal which has fuelled claims of corruption and cover-up at the heart of his self-styled socialist revolution
http://www.guardian.co.uk/theobserver/2008/sep/21/usa.venezuela
LOCAL DEVELOPMENTS:
(Global Petroleum)
Global will earn a 15% Working Interest ("WI") in the well by funding 30% of the cost of drilling the well, which is forecast to be approximately US$500,000.
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1963140&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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