Falklands : Hydrocarbons Daily Record (24/07/06)
Submitted by Falkland Islands News Network (Juanita Brock) 25.07.2006 (Article Archived on 08.08.2006)
High-level diplomatic efforts in the mideast helped to steady crude prices today.
HYDROCARBONS DAILY RECORD: MONDAY, 24 JULY 2006
By J. Brock (FINN)
At 1800 LMT on Monday, 24 July 2006 Light Sweet Crude gained .62 Cents and settled at $75.05 on the New York Mercantile Exchange and Brent Crude lost .25 Cents to $73.70 per barrel on London’s ICE Futures Exchange.
TRENDS:
For a while it looked as if the crude price would drop today due to the American Secretary of State, Dr. Rice, being in Beirut as well as Jerusalem to try and work out an immediate ceasefire and to forge a basic peace plan for the region. However, it was the glitches in the US refineries that made investors nervous about the supply of gasoline in the States that caused Light Sweet Crude to rise today.
THE MARKETS
FTSE:
Good financial indicators helped market prices rise today.
At the close of play, the FTSE100 was 114.16 points higher at 5,883.90 with the FTSE250 up 109.26 points at 9,223.50 and the FTSE Small caps 4.80 points better at 3,361.60
DOW JONES AND NASDAQ:
New mergers between drugs companies lead to the rise in market prices today.
The Dow Jones Index gained 196.91 points or 1.81% and settled at 11,051.05 and the NASDAQ gained 40.43 points or 0.2%% and settled at 2,060.82.
DEVELOPING FACTORS:
(Australia)
WOODSIDE Petroleum's Enfield project, worth $1.5 Million, has begun producing oil. The Enfield project, off Darwin, North Australia, is the first in the Exmouth sub-basin, considered one of the country's most important new oil provinces, considered to be a rich source of hydrocarbons. Australia hopes that higher energy prices will bring value to the new hydrocarbons province. Enfield was discovered in 1999. Woodside estimate the region could produce 100,000 barrels a day. The company announced on Monday it had completed the hook-up, testing and commissioning of the floating production, storage and offloading facility( Nganhurra) with production now expected to increase steadily.
(Israel and Lebanon)
With the high level diplomatic efforts to stop the fighting in Lebanon and Israel in full swing, investors are cautious because they have seen the best efforts fail. Many are thinking of investing in hydrocarbons but in more safe countries. They feel that Russia is a good alternative as well as South America.
LATIN AMERICA:
Ivan Alcala, Venezuela’s OPEC representative, said today that his government will support the intention of Angola to join the organisation as a full right member. Recent hydrocarbons finds in Angola are significant and very encouraging. OPEC meets later this year.
(Falkland Islands)
Falklands Oil Stocks End of Day Price for the 24.7.06
Desire Petroleum unchanged on the day to stand at 37.25p
Falklands Oil and Gas down 7.00 or –6.11% on the day to stand at .107.50p
Rockhopper Exploration unchanged on the day to stand at 35p
Border and Southern up 2.25 or 4.95% on the day to stand at 47.75p
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